{"id":42960,"date":"2022-02-03T00:01:59","date_gmt":"2022-02-03T05:01:59","guid":{"rendered":"https:\/\/prefblog.com\/?p=42960"},"modified":"2022-02-03T00:01:59","modified_gmt":"2022-02-03T05:01:59","slug":"february-2-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42960","title":{"rendered":"February 2, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 4.74%, equivalent to 6.16% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.76%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has plumetted to 240bp from the 265bp reported January 26<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.01 %<\/td>\n3.46 %<\/td>\n42,380<\/td>\n20.12<\/td>\n1<\/td>\n0.1969 %<\/td>\n2,898.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6427 %<\/td>\n5,625.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.83 %<\/td>\n2.84 %<\/td>\n55,862<\/td>\n20.11<\/td>\n3<\/td>\n0.6427 %<\/td>\n3,241.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2866 %<\/td>\n3,651.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.40 %<\/td>\n31,890<\/td>\n3.52<\/td>\n6<\/td>\n-0.2866 %<\/td>\n4,360.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2866 %<\/td>\n3,402.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.18 %<\/td>\n-10.90 %<\/td>\n54,717<\/td>\n0.09<\/td>\n24<\/td>\n-0.1162 %<\/td>\n3,241.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.73 %<\/td>\n4.74 %<\/td>\n54,494<\/td>\n16.01<\/td>\n7<\/td>\n0.3877 %<\/td>\n3,843.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.92 %<\/td>\n4.16 %<\/td>\n110,193<\/td>\n16.62<\/td>\n45<\/td>\n-0.0174 %<\/td>\n2,882.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.88 %<\/td>\n4.56 %<\/td>\n83,418<\/td>\n15.72<\/td>\n17<\/td>\n0.1337 %<\/td>\n3,664.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.71 %<\/td>\n3.07 %<\/td>\n54,299<\/td>\n19.53<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,946.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.74 %<\/td>\n3.04 %<\/td>\n102,089<\/td>\n1.73<\/td>\n25<\/td>\n0.0734 %<\/td>\n2,725.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0174 %<\/td>\n2,946.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.08 %<\/td>\n3.96 %<\/td>\n67,416<\/td>\n16.73<\/td>\n17<\/td>\n0.0355 %<\/td>\n2,976.9<\/td>\n<\/tr>\n<\/tbody>\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
RS.PR.A<\/td>\nSplitShare<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.39
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Premium<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Premium<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 22.32
\nEvaluated at bid price : 23.10
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Prem<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 2.84 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n3.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.04
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.21
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n129,825<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.09
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n108,982<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-01-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
RS.PR.A<\/td>\nSplitShare<\/td>\n93,353<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.39
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n60,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.12
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n53,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.01
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n51,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
There were 14 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 24.20 – 25.90
\nSpot Rate : 1.7000
\nAverage : 1.1104<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n

TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 18.20 – 19.00
\nSpot Rate : 0.8000
\nAverage : 0.5375<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.52 – 25.20
\nSpot Rate : 0.6800
\nAverage : 0.4561<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.40 – 23.98
\nSpot Rate : 0.5800
\nAverage : 0.4204<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.45 – 22.00
\nSpot Rate : 0.5500
\nAverage : 0.4033<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.20 – 25.10
\nSpot Rate : 0.9000
\nAverage : 0.7724<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-02
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.74%, equivalent to 6.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.76%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has plumetted to 240bp …<\/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-42960","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42960","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=42960"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42960\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}