{"id":42307,"date":"2021-07-07T21:57:19","date_gmt":"2021-07-08T02:57:19","guid":{"rendered":"http:\/\/prefblog.com\/?p=42307"},"modified":"2021-07-07T21:57:19","modified_gmt":"2021-07-08T02:57:19","slug":"july-7-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42307","title":{"rendered":"July 7, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.63%, equivalent to 6.02% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.21%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is narrower at 281bp than the 315bp reported March 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-0.3762 %<\/td>\n2,681.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3762 %<\/td>\n4,920.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.24 %<\/td>\n3.26 %<\/td>\n97,724<\/td>\n19.12<\/td>\n3<\/td>\n-0.3762 %<\/td>\n2,835.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0902 %<\/td>\n3,695.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n3.82 %<\/td>\n42,673<\/td>\n3.37<\/td>\n6<\/td>\n0.0902 %<\/td>\n4,413.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0902 %<\/td>\n3,443.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.12 %<\/td>\n-7.79 %<\/td>\n62,727<\/td>\n0.09<\/td>\n30<\/td>\n0.1714 %<\/td>\n3,304.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.63 %<\/td>\n4.68 %<\/td>\n47,543<\/td>\n16.03<\/td>\n4<\/td>\n0.0808 %<\/td>\n3,936.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.04 %<\/td>\n3.74 %<\/td>\n133,742<\/td>\n17.85<\/td>\n40<\/td>\n0.1972 %<\/td>\n2,782.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.89 %<\/td>\n-1.62 %<\/td>\n80,550<\/td>\n0.09<\/td>\n22<\/td>\n0.1570 %<\/td>\n3,722.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.79 %<\/td>\n3.04 %<\/td>\n36,173<\/td>\n19.66<\/td>\n2<\/td>\n0.3096 %<\/td>\n2,609.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.81 %<\/td>\n2.66 %<\/td>\n183,008<\/td>\n1.43<\/td>\n33<\/td>\n0.2095 %<\/td>\n2,764.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n1.90 %<\/td>\n91,434<\/td>\n0.13<\/td>\n1<\/td>\n0.0799 %<\/td>\n2,897.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.05 %<\/td>\n3.59 %<\/td>\n121,326<\/td>\n17.91<\/td>\n20<\/td>\n0.3976 %<\/td>\n2,942.0<\/td>\n<\/tr>\n<\/table>\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.G<\/td>\nFixedReset Disc<\/td>\n-3.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 22.45
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Premium<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 24.72
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 22.87
\nEvaluated at bid price : 24.00
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 15.90
\nEvaluated at bid price : 15.90
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.16
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 23.00
\nEvaluated at bid price : 23.92
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 13.55
\nEvaluated at bid price : 13.55
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 1.16 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 18.97
\nEvaluated at bid price : 18.97
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Premium<\/td>\n3.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.93
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n13.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 17.33
\nEvaluated at bid price : 17.33
\nBid-YTW : 4.06 %<\/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
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n167,213<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.82
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n72,258<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 24.54
\nEvaluated at bid price : 24.79
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n50,984<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 16.37
\nEvaluated at bid price : 16.37
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n44,362<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n40,588<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n39,072<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
There were 23 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
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.50 – 27.45
\nSpot Rate : 0.9500
\nAverage : 0.5963<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n

BIP.PR.B<\/td>\nFixedReset Prem<\/td>\nQuote: 26.86 – 27.86
\nSpot Rate : 1.0000
\nAverage : 0.7353<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.86
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 23.25 – 24.06
\nSpot Rate : 0.8100
\nAverage : 0.5626<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 22.45
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n

RY.PR.J<\/td>\nFixedReset Disc<\/td>\nQuote: 24.00 – 24.60
\nSpot Rate : 0.6000
\nAverage : 0.3932<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 22.87
\nEvaluated at bid price : 24.00
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.00 – 25.45
\nSpot Rate : 0.4500
\nAverage : 0.3074<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 24.72
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.40 – 25.80
\nSpot Rate : 0.4000
\nAverage : 0.2747<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-07
\nMaturity Price : 23.77
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.63%, equivalent to 6.02% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.21%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is narrower at 281bp …<\/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-42307","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42307","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=42307"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42307\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}