{"id":42348,"date":"2021-07-29T11:45:08","date_gmt":"2021-07-29T16:45:08","guid":{"rendered":"http:\/\/prefblog.com\/?p=42348"},"modified":"2021-07-29T11:45:08","modified_gmt":"2021-07-29T16:45:08","slug":"july-28-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42348","title":{"rendered":"July 28, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.78%, equivalent to 6.21% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.05%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at 315bp since reported July 21<\/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-0.4269 %<\/td>\n2,676.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4269 %<\/td>\n4,911.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.24 %<\/td>\n3.28 %<\/td>\n107,974<\/td>\n19.03<\/td>\n3<\/td>\n-0.4269 %<\/td>\n2,830.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0579 %<\/td>\n3,694.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n3.90 %<\/td>\n34,038<\/td>\n3.31<\/td>\n6<\/td>\n-0.0579 %<\/td>\n4,411.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0579 %<\/td>\n3,442.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n-11.37 %<\/td>\n57,322<\/td>\n0.09<\/td>\n25<\/td>\n-0.0451 %<\/td>\n3,283.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.70 %<\/td>\n4.78 %<\/td>\n96,146<\/td>\n15.78<\/td>\n8<\/td>\n-0.1945 %<\/td>\n3,968.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.01 %<\/td>\n3.48 %<\/td>\n134,159<\/td>\n18.30<\/td>\n40<\/td>\n0.2362 %<\/td>\n2,799.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.90 %<\/td>\n1.78 %<\/td>\n74,375<\/td>\n0.09<\/td>\n22<\/td>\n-0.0802 %<\/td>\n3,716.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.88 %<\/td>\n3.14 %<\/td>\n36,101<\/td>\n19.37<\/td>\n2<\/td>\n-0.4396 %<\/td>\n2,554.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.81 %<\/td>\n3.03 %<\/td>\n151,053<\/td>\n1.59<\/td>\n32<\/td>\n0.0960 %<\/td>\n2,755.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n1.49 %<\/td>\n110,943<\/td>\n0.16<\/td>\n1<\/td>\n0.0797 %<\/td>\n2,903.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.07 %<\/td>\n3.38 %<\/td>\n120,463<\/td>\n18.21<\/td>\n20<\/td>\n0.2121 %<\/td>\n2,931.7<\/td>\n<\/tr>\n<\/table>\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
RY.PR.P<\/td>\nPerpetual-Premium<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-27
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 0.51 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 20.61
\nEvaluated at bid price : 20.61
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 19.43
\nEvaluated at bid price : 19.43
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.61
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n4.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 3.75 %<\/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
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n150,738<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 22.92
\nEvaluated at bid price : 23.90
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n50,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset Prem<\/td>\n29,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n25,758<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n20,975<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 23.05
\nEvaluated at bid price : 24.10
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n15,965<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 23.59
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
There were 13 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
RY.PR.P<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.00 – 26.75
\nSpot Rate : 0.7500
\nAverage : 0.4837<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-27
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 0.51 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 19.43 – 20.00
\nSpot Rate : 0.5700
\nAverage : 0.3686<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 19.43
\nEvaluated at bid price : 19.43
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.41 – 15.86
\nSpot Rate : 0.4500
\nAverage : 0.3213<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n

MIC.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.90 – 27.55
\nSpot Rate : 0.6500
\nAverage : 0.5218<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.90
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.49 – 23.89
\nSpot Rate : 0.4000
\nAverage : 0.2785<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-07-28
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.49
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n

BAM.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.27 – 25.60
\nSpot Rate : 0.3300
\nAverage : 0.2211<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.78%, equivalent to 6.21% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.05%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant 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-42348","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42348","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=42348"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42348\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}