{"id":42877,"date":"2022-01-12T20:23:06","date_gmt":"2022-01-13T01:23:06","guid":{"rendered":"http:\/\/prefblog.com\/?p=42877"},"modified":"2022-01-12T20:23:06","modified_gmt":"2022-01-13T01:23:06","slug":"january-12-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42877","title":{"rendered":"January 12, 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 3.28%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 295bp from the 285bp reported January 5<\/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>\n3.00 %<\/td>\n3.45 %<\/td>\n41,622<\/td>\n20.11<\/td>\n1<\/td>\n0.0490 %<\/td>\n2,906.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3470 %<\/td>\n5,373.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n2.98 %<\/td>\n52,622<\/td>\n19.79<\/td>\n3<\/td>\n0.3470 %<\/td>\n3,096.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5014 %<\/td>\n3,644.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.43 %<\/td>\n29,739<\/td>\n3.58<\/td>\n6<\/td>\n-0.5014 %<\/td>\n4,352.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5014 %<\/td>\n3,395.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.15 %<\/td>\n-17.53 %<\/td>\n49,479<\/td>\n0.09<\/td>\n24<\/td>\n-0.0375 %<\/td>\n3,256.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.68 %<\/td>\n4.80 %<\/td>\n47,038<\/td>\n15.79<\/td>\n7<\/td>\n0.9175 %<\/td>\n3,883.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.93 %<\/td>\n3.93 %<\/td>\n116,463<\/td>\n16.80<\/td>\n46<\/td>\n0.1095 %<\/td>\n2,891.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.87 %<\/td>\n3.39 %<\/td>\n82,269<\/td>\n0.46<\/td>\n17<\/td>\n-0.0467 %<\/td>\n3,673.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n3.01 %<\/td>\n34,847<\/td>\n19.73<\/td>\n2<\/td>\n0.7100 %<\/td>\n2,878.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.73 %<\/td>\n2.96 %<\/td>\n105,106<\/td>\n1.76<\/td>\n25<\/td>\n-0.0918 %<\/td>\n2,731.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1095 %<\/td>\n2,956.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.07 %<\/td>\n3.77 %<\/td>\n70,219<\/td>\n17.01<\/td>\n17<\/td>\n0.2102 %<\/td>\n2,987.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-3.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.85
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
RS.PR.A<\/td>\nSplitShare<\/td>\n-2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.38
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 22.25
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.19
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.24
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.32
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.71
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 14.40
\nEvaluated at bid price : 14.40
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 24.33
\nEvaluated at bid price : 24.58
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n3.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.13
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n4.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n7.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 4.29 %<\/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
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n60,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.83
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n52,902<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 21.73
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n51,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.89
\nEvaluated at bid price : 24.24
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n45,153<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.35
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n29,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.41
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n28,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
There were 22 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.J<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.25 – 25.79
\nSpot Rate : 0.5400
\nAverage : 0.3192<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 22.85 – 23.75
\nSpot Rate : 0.9000
\nAverage : 0.6816<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.85
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n

PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.75 – 26.25
\nSpot Rate : 0.5000
\nAverage : 0.3367<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : -31.47 %<\/td>\n<\/tr>\n

BMO.PR.F<\/td>\nFixedReset Prem<\/td>\nQuote: 26.28 – 26.74
\nSpot Rate : 0.4600
\nAverage : 0.3204<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.28
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n

NA.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 24.90 – 25.45
\nSpot Rate : 0.5500
\nAverage : 0.4107<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.52 – 23.99
\nSpot Rate : 0.4700
\nAverage : 0.3523<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-12
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.52
\nBid-YTW : 4.01 %<\/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 3.28%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 295bp …<\/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-42877","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42877","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=42877"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42877\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}