{"id":42021,"date":"2021-03-03T23:05:29","date_gmt":"2021-03-04T04:05:29","guid":{"rendered":"http:\/\/prefblog.com\/?p=42021"},"modified":"2021-03-03T23:05:29","modified_gmt":"2021-03-04T04:05:29","slug":"march-3-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42021","title":{"rendered":"March 3, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.99%, equivalent to 6.49% 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) wider at 335bp than the 330bp reported February 24<\/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-0.6878 %<\/td>\n2,232.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6878 %<\/td>\n4,096.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.87 %<\/td>\n3.87 %<\/td>\n49,959<\/td>\n17.62<\/td>\n3<\/td>\n-0.6878 %<\/td>\n2,360.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2340 %<\/td>\n3,669.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.05 %<\/td>\n34,743<\/td>\n3.66<\/td>\n9<\/td>\n-0.2340 %<\/td>\n4,381.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2340 %<\/td>\n3,418.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.32 %<\/td>\n-1.50 %<\/td>\n73,400<\/td>\n0.09<\/td>\n21<\/td>\n-0.0971 %<\/td>\n3,238.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.94 %<\/td>\n4.99 %<\/td>\n86,413<\/td>\n15.43<\/td>\n13<\/td>\n-0.0190 %<\/td>\n3,741.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.42 %<\/td>\n3.76 %<\/td>\n181,156<\/td>\n17.50<\/td>\n52<\/td>\n0.6513 %<\/td>\n2,622.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.02 %<\/td>\n4.62 %<\/td>\n80,875<\/td>\n15.05<\/td>\n22<\/td>\n0.2913 %<\/td>\n3,624.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.06 %<\/td>\n3.40 %<\/td>\n33,078<\/td>\n18.79<\/td>\n2<\/td>\n1.0381 %<\/td>\n2,352.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.08 %<\/td>\n3.61 %<\/td>\n231,311<\/td>\n1.19<\/td>\n26<\/td>\n0.1178 %<\/td>\n2,718.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n1.98 %<\/td>\n234,614<\/td>\n0.48<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,890.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.41 %<\/td>\n3.70 %<\/td>\n137,947<\/td>\n17.78<\/td>\n22<\/td>\n0.3031 %<\/td>\n2,784.5<\/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\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 11.20
\nEvaluated at bid price : 11.20
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 24.77
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 23.04
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.86
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Prem<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 14.71
\nEvaluated at bid price : 14.71
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.01
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.74
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.88
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 16.59
\nEvaluated at bid price : 16.59
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 20.44
\nEvaluated at bid price : 20.44
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 15.54
\nEvaluated at bid price : 15.54
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n3.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 12.44
\nEvaluated at bid price : 12.44
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n7.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n<\/table>\n\n\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>\n413,533<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset Prem<\/td>\n213,340<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.21 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n191,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 16.59
\nEvaluated at bid price : 16.59
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n138,528<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 19.47
\nEvaluated at bid price : 19.47
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n121,980<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 22.30
\nEvaluated at bid price : 22.88
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset Ins Non<\/td>\n116,558<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 2.05 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n102,260<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 23.31
\nEvaluated at bid price : 24.41
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n100,670<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
There were 29 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.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.26 – 25.80
\nSpot Rate : 0.5400
\nAverage : 0.3318<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 24.77
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n

EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.51 – 25.92
\nSpot Rate : 0.4100
\nAverage : 0.2488<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.76 – 24.25
\nSpot Rate : 0.4900
\nAverage : 0.3731<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.76
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n

PVS.PR.F<\/td>\nSplitShare<\/td>\nQuote: 25.70 – 26.05
\nSpot Rate : 0.3500
\nAverage : 0.2348<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 20.44 – 20.95
\nSpot Rate : 0.5100
\nAverage : 0.4004<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-03
\nMaturity Price : 20.44
\nEvaluated at bid price : 20.44
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.00 – 26.70
\nSpot Rate : 0.7000
\nAverage : 0.6019<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.99%, equivalent to 6.49% 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-42021","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42021","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=42021"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42021\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}