{"id":42446,"date":"2021-08-11T20:29:06","date_gmt":"2021-08-12T01:29:06","guid":{"rendered":"http:\/\/prefblog.com\/?p=42446"},"modified":"2021-08-11T20:29:06","modified_gmt":"2021-08-12T01:29:06","slug":"august-11-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42446","title":{"rendered":"August 11, 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 3.02%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at 300bp, the same as August 4<\/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>\n1.3832 %<\/td>\n2,671.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.3832 %<\/td>\n4,902.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.25 %<\/td>\n3.29 %<\/td>\n83,761<\/td>\n18.99<\/td>\n3<\/td>\n1.3832 %<\/td>\n2,825.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1709 %<\/td>\n3,702.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.58 %<\/td>\n4.06 %<\/td>\n27,634<\/td>\n3.79<\/td>\n7<\/td>\n-0.1709 %<\/td>\n4,421.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1709 %<\/td>\n3,449.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.17 %<\/td>\n-14.12 %<\/td>\n54,908<\/td>\n0.09<\/td>\n25<\/td>\n0.0651 %<\/td>\n3,299.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.69 %<\/td>\n4.64 %<\/td>\n85,112<\/td>\n1.09<\/td>\n8<\/td>\n0.0948 %<\/td>\n3,978.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.02 %<\/td>\n3.57 %<\/td>\n123,776<\/td>\n18.17<\/td>\n40<\/td>\n-0.1948 %<\/td>\n2,790.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.88 %<\/td>\n-0.77 %<\/td>\n72,253<\/td>\n0.09<\/td>\n22<\/td>\n0.1619 %<\/td>\n3,731.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.82 %<\/td>\n3.11 %<\/td>\n36,857<\/td>\n19.42<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,605.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.82 %<\/td>\n2.84 %<\/td>\n135,223<\/td>\n1.55<\/td>\n32<\/td>\n0.1388 %<\/td>\n2,751.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n1.57 %<\/td>\n121,028<\/td>\n0.12<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,890.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.03 %<\/td>\n3.45 %<\/td>\n115,045<\/td>\n18.03<\/td>\n20<\/td>\n0.1008 %<\/td>\n2,954.7<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-7.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.10
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 14.42
\nEvaluated at bid price : 14.42
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 13.30
\nEvaluated at bid price : 13.30
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 13.15
\nEvaluated at bid price : 13.15
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 15.86
\nEvaluated at bid price : 15.86
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 17.78
\nEvaluated at bid price : 17.78
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 13.13
\nEvaluated at bid price : 13.13
\nBid-YTW : 3.29 %<\/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
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n52,150<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-06-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.55
\nBid-YTW : 3.20 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n49,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n45,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.76 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n34,045<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 23.63
\nEvaluated at bid price : 24.70
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n29,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n22,502<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 24.51
\nEvaluated at bid price : 25.07
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
There were 11 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.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 20.25 – 21.90
\nSpot Rate : 1.6500
\nAverage : 0.9225<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 15.35 – 17.20
\nSpot Rate : 1.8500
\nAverage : 1.2751<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 25.75 – 26.75
\nSpot Rate : 1.0000
\nAverage : 0.5765<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : -21.81 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 23.10 – 24.07
\nSpot Rate : 0.9700
\nAverage : 0.6067<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.10
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 24.15 – 24.60
\nSpot Rate : 0.4500
\nAverage : 0.2683<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.15
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 17.27 – 18.00
\nSpot Rate : 0.7300
\nAverage : 0.6067<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-08-11
\nMaturity Price : 17.27
\nEvaluated at bid price : 17.27
\nBid-YTW : 3.94 %<\/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 3.02%, 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-42446","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42446","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=42446"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42446\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}