{"id":42990,"date":"2022-02-09T21:51:50","date_gmt":"2022-02-10T02:51:50","guid":{"rendered":"https:\/\/prefblog.com\/?p=42990"},"modified":"2022-02-09T21:51:50","modified_gmt":"2022-02-10T02:51:50","slug":"february-9-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42990","title":{"rendered":"February 9, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 4.87%, equivalent to 6.33% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.82%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 250bp from the 240bp reported February 2<\/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>\n3.02 %<\/td>\n3.48 %<\/td>\n41,567<\/td>\n20.09<\/td>\n1<\/td>\n-0.1966 %<\/td>\n2,893.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1975 %<\/td>\n5,654.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.82 %<\/td>\n2.84 %<\/td>\n62,435<\/td>\n20.11<\/td>\n3<\/td>\n0.1975 %<\/td>\n3,258.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0458 %<\/td>\n3,655.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.42 %<\/td>\n33,412<\/td>\n3.37<\/td>\n6<\/td>\n0.0458 %<\/td>\n4,365.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0458 %<\/td>\n3,406.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n-14.37 %<\/td>\n54,198<\/td>\n0.09<\/td>\n22<\/td>\n0.1572 %<\/td>\n3,241.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.78 %<\/td>\n4.87 %<\/td>\n62,668<\/td>\n15.72<\/td>\n11<\/td>\n0.0928 %<\/td>\n3,854.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.91 %<\/td>\n4.26 %<\/td>\n117,208<\/td>\n16.44<\/td>\n44<\/td>\n-0.0966 %<\/td>\n2,872.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.91 %<\/td>\n4.58 %<\/td>\n81,079<\/td>\n15.66<\/td>\n18<\/td>\n0.1042 %<\/td>\n3,655.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.67 %<\/td>\n3.03 %<\/td>\n53,300<\/td>\n19.63<\/td>\n2<\/td>\n-0.2736 %<\/td>\n2,958.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.76 %<\/td>\n3.58 %<\/td>\n104,260<\/td>\n1.86<\/td>\n26<\/td>\n-0.1444 %<\/td>\n2,713.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0966 %<\/td>\n2,935.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.10 %<\/td>\n4.12 %<\/td>\n72,542<\/td>\n16.59<\/td>\n17<\/td>\n0.0535 %<\/td>\n2,966.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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.C<\/td>\nFixedReset Disc<\/td>\n-5.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 21.79
\nEvaluated at bid price : 22.22
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.30
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Premium<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 4.18 %<\/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
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n352,788<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.37
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n232,346<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 23.02
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n140,412<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 21.79
\nEvaluated at bid price : 22.22
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n63,630<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 24.47
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n58,450<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.40
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n56,296<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
There were 33 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
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 23.04 – 23.91
\nSpot Rate : 0.8700
\nAverage : 0.4914<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.04
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.11 – 26.11
\nSpot Rate : 1.0000
\nAverage : 0.6360<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 1.10 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 15.30 – 16.50
\nSpot Rate : 1.2000
\nAverage : 0.9110<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n

PVS.PR.G<\/td>\nSplitShare<\/td>\nQuote: 25.50 – 26.10
\nSpot Rate : 0.6000
\nAverage : 0.4043<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.00 – 18.66
\nSpot Rate : 0.6600
\nAverage : 0.4718<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-09
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n

CM.PR.Y<\/td>\nFixedReset Prem<\/td>\nQuote: 26.25 – 26.99
\nSpot Rate : 0.7400
\nAverage : 0.5535<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.87%, equivalent to 6.33% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.82%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 250bp …<\/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-42990","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42990","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=42990"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42990\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}