{"id":42849,"date":"2022-01-05T21:27:52","date_gmt":"2022-01-06T02:27:52","guid":{"rendered":"http:\/\/prefblog.com\/?p=42849"},"modified":"2022-01-05T21:27:52","modified_gmt":"2022-01-06T02:27:52","slug":"january-5-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42849","title":{"rendered":"January 5, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 4.80%, equivalent to 6.24% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.40%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at the 285bp reported December 22<\/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>\n3.04 %<\/td>\n3.51 %<\/td>\n37,558<\/td>\n20.07<\/td>\n1<\/td>\n0.6484 %<\/td>\n2,874.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7750 %<\/td>\n5,315.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.00 %<\/td>\n3.02 %<\/td>\n57,310<\/td>\n19.70<\/td>\n3<\/td>\n0.7750 %<\/td>\n3,063.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1435 %<\/td>\n3,650.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.27 %<\/td>\n34,184<\/td>\n3.59<\/td>\n6<\/td>\n-0.1435 %<\/td>\n4,360.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1435 %<\/td>\n3,401.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.15 %<\/td>\n-13.15 %<\/td>\n41,194<\/td>\n0.09<\/td>\n23<\/td>\n0.0237 %<\/td>\n3,265.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.74 %<\/td>\n4.80 %<\/td>\n50,295<\/td>\n15.81<\/td>\n11<\/td>\n-0.0735 %<\/td>\n3,874.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.96 %<\/td>\n3.92 %<\/td>\n102,298<\/td>\n16.86<\/td>\n42<\/td>\n-1.1102 %<\/td>\n2,841.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.89 %<\/td>\n4.49 %<\/td>\n81,444<\/td>\n3.38<\/td>\n18<\/td>\n-0.1035 %<\/td>\n3,672.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.65 %<\/td>\n3.01 %<\/td>\n32,090<\/td>\n19.74<\/td>\n2<\/td>\n1.4956 %<\/td>\n2,809.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.69 %<\/td>\n2.82 %<\/td>\n118,468<\/td>\n1.78<\/td>\n28<\/td>\n-0.0166 %<\/td>\n2,743.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.1102 %<\/td>\n2,904.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.09 %<\/td>\n3.78 %<\/td>\n71,087<\/td>\n17.29<\/td>\n17<\/td>\n-0.1422 %<\/td>\n2,968.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\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.G<\/td>\nFixedReset Disc<\/td>\n-47.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 8.25 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.62
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.20
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.00
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.29
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.51
\nEvaluated at bid price : 24.76
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.30
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.60
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.71
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.40
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.35
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.78
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 18.53
\nEvaluated at bid price : 18.53
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Prem<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 2.08 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.56
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 2.31 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n7.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 3.92 %<\/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
BMO.PR.B<\/td>\nFixedReset Prem<\/td>\n248,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 1.58 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n173,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.42
\nBid-YTW : 1.92 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n60,409<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.40
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n26,570<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.65
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n24,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 22.39
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n22,696<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 24.61
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
There were 6 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.S<\/td>\nInsurance Straight<\/td>\nQuote: 25.85 – 28.00
\nSpot Rate : 2.1500
\nAverage : 1.4227<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-04
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.85
\nBid-YTW : -10.33 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 14.25 – 15.50
\nSpot Rate : 1.2500
\nAverage : 0.8476<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 14.25
\nEvaluated at bid price : 14.25
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.90 – 25.00
\nSpot Rate : 1.1000
\nAverage : 0.7375<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 23.62
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.45 – 27.60
\nSpot Rate : 1.1500
\nAverage : 0.7981<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.45
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 20.85 – 22.30
\nSpot Rate : 1.4500
\nAverage : 1.1080<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 23.50 – 24.70
\nSpot Rate : 1.2000
\nAverage : 0.8590<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-05
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.80%, equivalent to 6.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.40%, 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-42849","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42849","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=42849"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42849\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}