{"id":42746,"date":"2021-11-24T23:01:13","date_gmt":"2021-11-25T04:01:13","guid":{"rendered":"http:\/\/prefblog.com\/?p=42746"},"modified":"2021-11-24T23:01:13","modified_gmt":"2021-11-25T04:01:13","slug":"november-24-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42746","title":{"rendered":"November 24, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.84%, equivalent to 6.29% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.51%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has rocketted to 280bp from the 245bp reported November 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>\n2.97 %<\/td>\n3.41 %<\/td>\n49,115<\/td>\n20.15<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,936.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2300 %<\/td>\n5,373.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n2.98 %<\/td>\n87,532<\/td>\n19.72<\/td>\n3<\/td>\n-0.2300 %<\/td>\n3,096.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1356 %<\/td>\n3,690.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.05 %<\/td>\n57,998<\/td>\n3.85<\/td>\n5<\/td>\n0.1356 %<\/td>\n4,407.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1356 %<\/td>\n3,438.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.12 %<\/td>\n-8.19 %<\/td>\n44,942<\/td>\n0.09<\/td>\n28<\/td>\n-0.1074 %<\/td>\n3,268.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.71 %<\/td>\n4.84 %<\/td>\n67,673<\/td>\n15.70<\/td>\n6<\/td>\n-0.0136 %<\/td>\n3,848.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.79 %<\/td>\n3.96 %<\/td>\n124,689<\/td>\n17.01<\/td>\n37<\/td>\n1.1423 %<\/td>\n2,914.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.93 %<\/td>\n4.16 %<\/td>\n89,592<\/td>\n3.25<\/td>\n20<\/td>\n0.0376 %<\/td>\n3,681.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.43 %<\/td>\n2.77 %<\/td>\n29,422<\/td>\n20.28<\/td>\n2<\/td>\n-1.0685 %<\/td>\n2,930.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.65 %<\/td>\n3.09 %<\/td>\n121,852<\/td>\n2.28<\/td>\n33<\/td>\n-0.0059 %<\/td>\n2,748.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1423 %<\/td>\n2,978.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.02 %<\/td>\n3.90 %<\/td>\n101,411<\/td>\n16.81<\/td>\n19<\/td>\n0.0469 %<\/td>\n2,997.5<\/td>\n<\/tr>\n<\/table>\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
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 18.31
\nEvaluated at bid price : 18.31
\nBid-YTW : 2.77 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Premium<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 27.04
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 14.69
\nEvaluated at bid price : 14.69
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 23.01
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 16.13
\nEvaluated at bid price : 16.13
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n74.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 22.34
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.58 %<\/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
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n168,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 2.73 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n37,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.90
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n33,370<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.07
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n29,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n29,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 24.31
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n25,012<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.69
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
There were 14 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
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.30 – 25.00
\nSpot Rate : 0.7000
\nAverage : 0.4597<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 24.04
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.12 – 25.70
\nSpot Rate : 0.5800
\nAverage : 0.3579<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : -2.07 %<\/td>\n<\/tr>\n

TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 18.31 – 18.90
\nSpot Rate : 0.5900
\nAverage : 0.4025<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 18.31
\nEvaluated at bid price : 18.31
\nBid-YTW : 2.77 %<\/td>\n<\/tr>\n

MIC.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 27.04 – 27.58
\nSpot Rate : 0.5400
\nAverage : 0.3717<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 27.04
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.40 – 24.00
\nSpot Rate : 0.6000
\nAverage : 0.4549<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 22.68
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.65 – 25.25
\nSpot Rate : 0.6000
\nAverage : 0.4603<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-11-24
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.65
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.84%, equivalent to 6.29% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.51%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has rocketted to 280bp …<\/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-42746","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42746","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=42746"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42746\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}