{"id":42055,"date":"2021-03-10T23:31:44","date_gmt":"2021-03-11T04:31:44","guid":{"rendered":"http:\/\/prefblog.com\/?p=42055"},"modified":"2021-03-10T23:31:44","modified_gmt":"2021-03-11T04:31:44","slug":"march-10-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42055","title":{"rendered":"March 10, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 5.01%, equivalent to 6.51% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is significantly narrower at 320bp than the 335bp reported March 3<\/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>\n0.2679 %<\/td>\n2,264.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2679 %<\/td>\n4,155.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.82 %<\/td>\n3.86 %<\/td>\n55,312<\/td>\n17.64<\/td>\n3<\/td>\n0.2679 %<\/td>\n2,394.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1343 %<\/td>\n3,673.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.03 %<\/td>\n36,816<\/td>\n3.64<\/td>\n9<\/td>\n-0.1343 %<\/td>\n4,387.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1343 %<\/td>\n3,423.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n4.19 %<\/td>\n74,997<\/td>\n0.10<\/td>\n21<\/td>\n0.0731 %<\/td>\n3,232.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.96 %<\/td>\n5.01 %<\/td>\n81,953<\/td>\n15.45<\/td>\n13<\/td>\n0.0764 %<\/td>\n3,722.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.42 %<\/td>\n3.82 %<\/td>\n188,998<\/td>\n17.32<\/td>\n52<\/td>\n-0.3198 %<\/td>\n2,622.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.02 %<\/td>\n4.63 %<\/td>\n79,517<\/td>\n15.47<\/td>\n22<\/td>\n-0.0803 %<\/td>\n3,624.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.00 %<\/td>\n3.32 %<\/td>\n39,126<\/td>\n18.97<\/td>\n2<\/td>\n0.7483 %<\/td>\n2,385.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.07 %<\/td>\n3.71 %<\/td>\n239,231<\/td>\n1.02<\/td>\n26<\/td>\n0.0664 %<\/td>\n2,719.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n2.06 %<\/td>\n222,986<\/td>\n0.46<\/td>\n1<\/td>\n0.0400 %<\/td>\n2,890.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.43 %<\/td>\n3.78 %<\/td>\n138,566<\/td>\n17.55<\/td>\n22<\/td>\n0.1251 %<\/td>\n2,775.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-6.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-3.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.40
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 15.11
\nEvaluated at bid price : 15.11
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 13.40
\nEvaluated at bid price : 13.40
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 22.31
\nEvaluated at bid price : 23.00
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.26
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.30
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.36
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.03
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.20
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 14.37
\nEvaluated at bid price : 14.37
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 16.41
\nEvaluated at bid price : 16.41
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 22.37
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 3.50 %<\/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.J<\/td>\nFixedReset Prem<\/td>\n289,851<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.24
\nBid-YTW : 2.04 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n183,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nInsurance Straight<\/td>\n145,757<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.83
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n90,364<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 23.54
\nEvaluated at bid price : 24.00
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n87,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 23.79
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n76,850<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
There were 59 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.E<\/td>\nFixedReset Disc<\/td>\nQuote: 19.25 – 20.80
\nSpot Rate : 1.5500
\nAverage : 0.8663<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 18.00 – 19.45
\nSpot Rate : 1.4500
\nAverage : 0.8483<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n

RS.PR.A<\/td>\nSplitShare<\/td>\nQuote: 10.39 – 11.39
\nSpot Rate : 1.0000
\nAverage : 0.6754<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.39
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 23.80 – 24.60
\nSpot Rate : 0.8000
\nAverage : 0.4801<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.40 – 23.16
\nSpot Rate : 0.7600
\nAverage : 0.4533<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.40
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.10 – 15.77
\nSpot Rate : 0.6700
\nAverage : 0.3908<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-10
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.01%, equivalent to 6.51% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is significantly narrower 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-42055","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42055","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=42055"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42055\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}