{"id":42337,"date":"2021-07-24T11:44:55","date_gmt":"2021-07-24T16:44:55","guid":{"rendered":"http:\/\/prefblog.com\/?p=42337"},"modified":"2021-07-24T11:44:55","modified_gmt":"2021-07-24T16:44:55","slug":"july-21-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42337","title":{"rendered":"July 21, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.82%, equivalent to 6.27% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.10%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is wider at 315bp than the 281bp reported July 7<\/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>\n0.8323 %<\/td>\n2,699.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8323 %<\/td>\n4,952.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.22 %<\/td>\n3.25 %<\/td>\n115,883<\/td>\n19.13<\/td>\n3<\/td>\n0.8323 %<\/td>\n2,854.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,694.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n3.99 %<\/td>\n36,144<\/td>\n3.84<\/td>\n6<\/td>\n0.0000 %<\/td>\n4,412.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,442.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n-13.92 %<\/td>\n60,466<\/td>\n0.09<\/td>\n25<\/td>\n0.0903 %<\/td>\n3,285.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.74 %<\/td>\n4.82 %<\/td>\n94,735<\/td>\n15.80<\/td>\n8<\/td>\n-0.0352 %<\/td>\n3,936.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.05 %<\/td>\n3.53 %<\/td>\n147,755<\/td>\n18.28<\/td>\n40<\/td>\n0.3880 %<\/td>\n2,769.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.91 %<\/td>\n2.46 %<\/td>\n78,473<\/td>\n0.09<\/td>\n22<\/td>\n-0.0625 %<\/td>\n3,709.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.90 %<\/td>\n3.18 %<\/td>\n36,116<\/td>\n19.29<\/td>\n2<\/td>\n-0.1580 %<\/td>\n2,545.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.85 %<\/td>\n3.28 %<\/td>\n166,368<\/td>\n1.39<\/td>\n33<\/td>\n0.1030 %<\/td>\n2,743.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n1.40 %<\/td>\n96,075<\/td>\n0.10<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,901.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.10 %<\/td>\n3.46 %<\/td>\n136,560<\/td>\n18.18<\/td>\n20<\/td>\n0.1286 %<\/td>\n2,908.8<\/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
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-5.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 14.67
\nEvaluated at bid price : 14.67
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-3.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 18.28
\nEvaluated at bid price : 18.28
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 22.31
\nEvaluated at bid price : 23.00
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 13.29
\nEvaluated at bid price : 13.29
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 22.90
\nEvaluated at bid price : 24.11
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Premium<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 27.00
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.84
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.61
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n5.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n6.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 17.39
\nEvaluated at bid price : 17.39
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n8.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 3.48 %<\/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
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n107,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.85
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Prem<\/td>\n73,199<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 2.86 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n62,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 23.51
\nEvaluated at bid price : 23.81
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nInsurance Straight<\/td>\n40,750<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-20
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 0.77 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n32,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.69
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n24,610<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
There were 7 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
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.67 – 16.10
\nSpot Rate : 1.4300
\nAverage : 1.1104<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 14.67
\nEvaluated at bid price : 14.67
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 20.30 – 21.10
\nSpot Rate : 0.8000
\nAverage : 0.5848<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n

EIT.PR.B<\/td>\nSplitShare<\/td>\nQuote: 26.05 – 27.05
\nSpot Rate : 1.0000
\nAverage : 0.8066<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2025-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 18.28 – 18.97
\nSpot Rate : 0.6900
\nAverage : 0.5105<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 18.28
\nEvaluated at bid price : 18.28
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n

CM.PR.Y<\/td>\nFixedReset Prem<\/td>\nQuote: 26.00 – 26.50
\nSpot Rate : 0.5000
\nAverage : 0.3441<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 13.23 – 13.95
\nSpot Rate : 0.7200
\nAverage : 0.5714<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-21
\nMaturity Price : 13.23
\nEvaluated at bid price : 13.23
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.82%, equivalent to 6.27% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.10%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is wider at 315bp …<\/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-42337","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42337","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=42337"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42337\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}