{"id":42374,"date":"2021-08-04T23:29:29","date_gmt":"2021-08-05T04:29:29","guid":{"rendered":"http:\/\/prefblog.com\/?p=42374"},"modified":"2021-08-04T23:29:29","modified_gmt":"2021-08-05T04:29:29","slug":"august-4-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42374","title":{"rendered":"August 4, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.64%, equivalent to 6.03% 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 narrowed to 300bp from the 315bp since reported July 28<\/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-0.5518 %<\/td>\n2,676.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5518 %<\/td>\n4,911.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.24 %<\/td>\n3.28 %<\/td>\n96,042<\/td>\n19.03<\/td>\n3<\/td>\n-0.5518 %<\/td>\n2,830.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2597 %<\/td>\n3,709.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.57 %<\/td>\n3.98 %<\/td>\n30,806<\/td>\n3.81<\/td>\n7<\/td>\n0.2597 %<\/td>\n4,430.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2597 %<\/td>\n3,456.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n-14.22 %<\/td>\n59,842<\/td>\n0.09<\/td>\n25<\/td>\n-0.0451 %<\/td>\n3,285.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.70 %<\/td>\n4.64 %<\/td>\n91,256<\/td>\n1.11<\/td>\n8<\/td>\n-0.1598 %<\/td>\n3,964.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.02 %<\/td>\n3.40 %<\/td>\n129,684<\/td>\n18.36<\/td>\n40<\/td>\n-0.5321 %<\/td>\n2,792.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.89 %<\/td>\n0.60 %<\/td>\n73,483<\/td>\n0.09<\/td>\n22<\/td>\n0.1231 %<\/td>\n3,719.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.85 %<\/td>\n3.11 %<\/td>\n36,882<\/td>\n19.44<\/td>\n2<\/td>\n0.0312 %<\/td>\n2,583.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.82 %<\/td>\n3.17 %<\/td>\n145,175<\/td>\n1.57<\/td>\n32<\/td>\n-0.1785 %<\/td>\n2,750.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n1.64 %<\/td>\n127,663<\/td>\n0.14<\/td>\n1<\/td>\n-0.0400 %<\/td>\n2,889.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.05 %<\/td>\n3.27 %<\/td>\n119,878<\/td>\n18.31<\/td>\n20<\/td>\n-0.0409 %<\/td>\n2,942.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 20.44
\nEvaluated at bid price : 20.44
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.57
\nEvaluated at bid price : 23.23
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.85
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.68
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.36
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 13.12
\nEvaluated at bid price : 13.12
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.05
\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 15.22
\nEvaluated at bid price : 15.22
\nBid-YTW : 2.59 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Premium<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : -6.13 %<\/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>\n258,130<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.87
\nEvaluated at bid price : 23.80
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n84,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.68
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n67,829<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n60,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Premium<\/td>\n52,033<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.77
\nBid-YTW : 2.15 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n27,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 23.60
\nEvaluated at bid price : 24.95
\nBid-YTW : 3.37 %<\/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
EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.90 – 26.40
\nSpot Rate : 0.5000
\nAverage : 0.3007<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 26.10 – 26.65
\nSpot Rate : 0.5500
\nAverage : 0.3804<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-03
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.10
\nBid-YTW : -16.49 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 23.81 – 24.69
\nSpot Rate : 0.8800
\nAverage : 0.7129<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.81
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n

PVS.PR.H<\/td>\nSplitShare<\/td>\nQuote: 25.75 – 26.25
\nSpot Rate : 0.5000
\nAverage : 0.3339<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 26.05 – 27.05
\nSpot Rate : 1.0000
\nAverage : 0.8616<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.05
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 24.36 – 24.73
\nSpot Rate : 0.3700
\nAverage : 0.2347<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-04
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.36
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.64%, equivalent to 6.03% 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 narrowed to 300bp …<\/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-42374","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42374","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=42374"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42374\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}