{"id":42026,"date":"2021-03-04T21:26:46","date_gmt":"2021-03-05T02:26:46","guid":{"rendered":"http:\/\/prefblog.com\/?p=42026"},"modified":"2021-03-04T21:26:46","modified_gmt":"2021-03-05T02:26:46","slug":"march-4-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42026","title":{"rendered":"March 4, 2021"},"content":{"rendered":"

We got a glimpse of how the UK intends to deal with COVID debt<\/a>:<\/p>\n

Rishi Sunak, the Chancellor of the Exchequer, announced Wednesday that Britain\u2019s corporate tax rate will rise to 25 per cent from 19 per cent in April, 2023. It\u2019s the first time the rate has been increased since 1974 and comes after successive Conservative governments have lowered it from 28 per cent over the past decade. The government also plans to freeze several personal tax allowances for four years starting in 2022.<\/p><\/blockquote>\n

Powell made cautious remarks<\/a>:<\/p>\n

Jerome H. Powell, the chair of the Federal Reserve, said he and his colleagues have a \u201chigh standard\u201d for what full employment means, underscoring that the central bank is likely to be patient in removing its support for the economy.<\/p>\n

Mr. Powell pointed out that the virus has pushed many people out of the job market and said that \u201c4 percent would be a nice unemployment rate to get to, but it will take more than that to get to maximum employment.\u201d It is unlikely the job market will return to full speed this year, he added, speaking in an online question-and-answer session hosted by The Wall Street Journal.<\/p>\n

In fact, Mr. Powell\u2019s entire message on Thursday centered on how cautious the central bank plans to be in dialing back economic policies \u2014 low interest rates and large-scale bond buying \u2014 that are meant to help the economy recover from the painful coronavirus shock.<\/p><\/blockquote>\n

… and equities got hammered<\/a>:<\/p>\n

Wall Street ended sharply lower on Thursday, leaving the Nasdaq down around 10% from its February record high, after remarks from Federal Reserve Chair Jerome Powell disappointed investors worried about rising longer-term U.S. bond yields.<\/p>\n

Canada\u2019s TSX also closed down, but escaped the worst of the U.S. selloff with the help of a rally in crude oil prices.<\/p>\n

The benchmark 10-year Treasury yield spiked to 1.533% after Powell\u2019s comments, which did not point to changes in the Fed\u2019s asset purchases to tackle the recent jump in yields. It still held below last week\u2019s one-year high of 1.614%. But the yield on Canada\u2019s 10-year government note reached just over 1.5% – its highest since before the COVID-related economic shutdowns of early 2020. Canada\u2019s five-year bond yield, closely followed because of its influence on fixed-mortgage rates, stayed well below the highs of last week.<\/p><\/blockquote>\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-6.5643 %<\/td>\n2,085.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-6.5643 %<\/td>\n3,827.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.15 %<\/td>\n4.06 %<\/td>\n52,784<\/td>\n17.21<\/td>\n3<\/td>\n-6.5643 %<\/td>\n2,205.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0630 %<\/td>\n3,671.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.03 %<\/td>\n33,378<\/td>\n3.66<\/td>\n9<\/td>\n0.0630 %<\/td>\n4,384.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0630 %<\/td>\n3,421.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n0.93 %<\/td>\n73,181<\/td>\n0.12<\/td>\n21<\/td>\n-0.0934 %<\/td>\n3,235.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.95 %<\/td>\n4.99 %<\/td>\n83,705<\/td>\n15.44<\/td>\n13<\/td>\n-0.1360 %<\/td>\n3,736.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.44 %<\/td>\n3.77 %<\/td>\n180,932<\/td>\n17.45<\/td>\n52<\/td>\n-0.4325 %<\/td>\n2,611.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.02 %<\/td>\n4.64 %<\/td>\n80,961<\/td>\n15.05<\/td>\n22<\/td>\n-0.0731 %<\/td>\n3,621.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.08 %<\/td>\n3.40 %<\/td>\n35,942<\/td>\n18.79<\/td>\n2<\/td>\n-0.7534 %<\/td>\n2,334.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.11 %<\/td>\n3.81 %<\/td>\n249,071<\/td>\n0.96<\/td>\n26<\/td>\n-0.7225 %<\/td>\n2,698.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n2.08 %<\/td>\n234,241<\/td>\n0.90<\/td>\n1<\/td>\n-0.0800 %<\/td>\n2,888.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.45 %<\/td>\n3.70 %<\/td>\n137,161<\/td>\n17.72<\/td>\n22<\/td>\n-0.7637 %<\/td>\n2,763.3<\/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\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-17.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 9.23
\nEvaluated at bid price : 9.23
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Prem<\/td>\n-14.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.79
\nEvaluated at bid price : 22.25
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 12.12
\nEvaluated at bid price : 12.12
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.03
\nEvaluated at bid price : 21.03
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.20
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.11
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.28
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 24.77
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 11.12
\nEvaluated at bid price : 11.12
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.36
\nEvaluated at bid price : 22.75
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.65
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 14.03
\nEvaluated at bid price : 14.03
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.62
\nEvaluated at bid price : 22.04
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Prem<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.82
\nEvaluated at bid price : 24.97
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.33
\nEvaluated at bid price : 24.40
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.41
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Premium<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-11-24
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.54
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.36
\nBid-YTW : 4.75 %<\/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
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n204,265<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.89
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset Prem<\/td>\n178,450<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.40 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n119,698<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.68
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n97,178<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 23.67
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n62,615<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.83
\nEvaluated at bid price : 24.00
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n62,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
There were 47 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.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 21.30 – 24.90
\nSpot Rate : 3.6000
\nAverage : 1.9169<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 9.23 – 11.29
\nSpot Rate : 2.0600
\nAverage : 1.1853<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 9.23
\nEvaluated at bid price : 9.23
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n

CU.PR.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.62 – 26.40
\nSpot Rate : 0.7800
\nAverage : 0.4831<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.62
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.10 – 25.77
\nSpot Rate : 0.6700
\nAverage : 0.4300<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 24.77
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 21.03 – 21.65
\nSpot Rate : 0.6200
\nAverage : 0.4004<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 21.03
\nEvaluated at bid price : 21.03
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n

CM.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 23.11 – 23.68
\nSpot Rate : 0.5700
\nAverage : 0.3650<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-04
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.11
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We got a glimpse of how the UK intends to deal with COVID debt: Rishi Sunak, the Chancellor of the Exchequer, announced Wednesday that Britain\u2019s corporate tax rate will rise to 25 per cent from …<\/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-42026","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42026","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=42026"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42026\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}