{"id":42077,"date":"2021-03-17T21:09:14","date_gmt":"2021-03-18T02:09:14","guid":{"rendered":"http:\/\/prefblog.com\/?p=42077"},"modified":"2021-03-17T21:09:14","modified_gmt":"2021-03-18T02:09:14","slug":"march-17-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42077","title":{"rendered":"March 17, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 5.00%, equivalent to 6.50% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.37%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is slightly (and perhaps spuriously) narrower at 315bp than the 320bp reported March 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-0.2337 %<\/td>\n2,323.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2337 %<\/td>\n4,263.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.77 %<\/td>\n3.76 %<\/td>\n59,709<\/td>\n17.96<\/td>\n3<\/td>\n-0.2337 %<\/td>\n2,457.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3713 %<\/td>\n3,677.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.11 %<\/td>\n38,931<\/td>\n3.63<\/td>\n9<\/td>\n-0.3713 %<\/td>\n4,391.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3713 %<\/td>\n3,426.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.31 %<\/td>\n-0.68 %<\/td>\n75,768<\/td>\n0.09<\/td>\n21<\/td>\n0.0429 %<\/td>\n3,248.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.97 %<\/td>\n5.00 %<\/td>\n81,102<\/td>\n15.47<\/td>\n13<\/td>\n0.0032 %<\/td>\n3,731.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.37 %<\/td>\n3.87 %<\/td>\n191,790<\/td>\n17.22<\/td>\n52<\/td>\n0.4153 %<\/td>\n2,658.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.00 %<\/td>\n4.64 %<\/td>\n87,209<\/td>\n15.50<\/td>\n22<\/td>\n0.2281 %<\/td>\n3,641.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.96 %<\/td>\n3.27 %<\/td>\n48,835<\/td>\n19.08<\/td>\n2<\/td>\n0.2677 %<\/td>\n2,413.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.07 %<\/td>\n3.69 %<\/td>\n237,229<\/td>\n1.01<\/td>\n26<\/td>\n0.0437 %<\/td>\n2,727.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n2.06 %<\/td>\n204,480<\/td>\n0.44<\/td>\n1<\/td>\n0.0801 %<\/td>\n2,892.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.41 %<\/td>\n3.86 %<\/td>\n149,304<\/td>\n17.42<\/td>\n22<\/td>\n0.0896 %<\/td>\n2,795.2<\/td>\n<\/tr>\n<\/table>\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.PF.F<\/td>\nFixedReset Disc<\/td>\n-6.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
RS.PR.A<\/td>\nSplitShare<\/td>\n-3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.33
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 13.71
\nEvaluated at bid price : 13.71
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 22.47
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 23.56
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.45
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.95
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n6.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 19.21
\nEvaluated at bid price : 19.21
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n15.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 4.16 %<\/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
NA.PR.X<\/td>\nFixedReset Prem<\/td>\n114,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 1.25 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset Prem<\/td>\n112,479<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 1.81 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n83,090<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 23.22
\nEvaluated at bid price : 23.85
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n65,095<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 11.40
\nEvaluated at bid price : 11.40
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n64,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 23.73
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n56,625<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 11.35
\nEvaluated at bid price : 11.35
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
There were 34 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.F<\/td>\nFixedReset Disc<\/td>\nQuote: 20.77 – 22.35
\nSpot Rate : 1.5800
\nAverage : 0.8711<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 21.77 – 22.88
\nSpot Rate : 1.1100
\nAverage : 0.6616<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.77
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 18.18 – 19.15
\nSpot Rate : 0.9700
\nAverage : 0.6687<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 18.18
\nEvaluated at bid price : 18.18
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 23.50 – 23.96
\nSpot Rate : 0.4600
\nAverage : 0.3137<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-03-17
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n

PVS.PR.I<\/td>\nSplitShare<\/td>\nQuote: 25.56 – 25.88
\nSpot Rate : 0.3200
\nAverage : 0.2301<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n

CU.PR.I<\/td>\nFixedReset Prem<\/td>\nQuote: 26.00 – 26.40
\nSpot Rate : 0.4000
\nAverage : 0.3116<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.00%, equivalent to 6.50% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.37%, 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-42077","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42077","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=42077"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42077\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}