{"id":43036,"date":"2022-02-23T20:13:25","date_gmt":"2022-02-24T01:13:25","guid":{"rendered":"https:\/\/prefblog.com\/?p=43036"},"modified":"2022-02-23T20:13:25","modified_gmt":"2022-02-24T01:13:25","slug":"february-23-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43036","title":{"rendered":"February 23, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.89%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained steady at 260bp, the same as reported February 16<\/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>\n3.50 %<\/td>\n36,972<\/td>\n20.05<\/td>\n1<\/td>\n-0.0987 %<\/td>\n2,884.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0674 %<\/td>\n5,507.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.89 %<\/td>\n2.91 %<\/td>\n63,585<\/td>\n19.91<\/td>\n3<\/td>\n-0.0674 %<\/td>\n3,173.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0066 %<\/td>\n3,637.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.24 %<\/td>\n32,321<\/td>\n3.64<\/td>\n6<\/td>\n-0.0066 %<\/td>\n4,344.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0066 %<\/td>\n3,389.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.26 %<\/td>\n-0.83 %<\/td>\n58,441<\/td>\n0.09<\/td>\n22<\/td>\n-0.3061 %<\/td>\n3,202.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.92 %<\/td>\n4.97 %<\/td>\n59,505<\/td>\n15.51<\/td>\n11<\/td>\n-0.3762 %<\/td>\n3,747.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.07 %<\/td>\n4.48 %<\/td>\n114,220<\/td>\n16.37<\/td>\n44<\/td>\n-1.0937 %<\/td>\n2,755.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.02 %<\/td>\n4.82 %<\/td>\n84,754<\/td>\n15.41<\/td>\n18<\/td>\n-0.2800 %<\/td>\n3,575.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.76 %<\/td>\n2.42 %<\/td>\n63,645<\/td>\n21.22<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,949.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.79 %<\/td>\n3.94 %<\/td>\n107,825<\/td>\n2.06<\/td>\n26<\/td>\n0.5282 %<\/td>\n2,698.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.0937 %<\/td>\n2,816.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.18 %<\/td>\n4.45 %<\/td>\n80,243<\/td>\n16.36<\/td>\n17<\/td>\n-0.1969 %<\/td>\n2,908.6<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-42.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 13.88
\nEvaluated at bid price : 13.88
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-4.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.29
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Premium<\/td>\n-4.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.29
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-3.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.62
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.42
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.02
\nEvaluated at bid price : 23.30
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 13.46
\nEvaluated at bid price : 13.46
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n4.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Prem<\/td>\n17.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.51
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.43 %<\/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
CM.PR.Y<\/td>\nFixedReset Prem<\/td>\n66,515<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n57,371<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : -7.29 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Prem<\/td>\n43,232<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n32,702<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 24.83
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n32,584<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : -5.38 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Prem<\/td>\n28,165<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
There were 8 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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 13.88 – 24.08
\nSpot Rate : 10.2000
\nAverage : 6.5966<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 13.88
\nEvaluated at bid price : 13.88
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Premium<\/td>\nQuote: 23.29 – 24.29
\nSpot Rate : 1.0000
\nAverage : 0.6498<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.29
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.10 – 24.00
\nSpot Rate : 0.9000
\nAverage : 0.5719<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 23.29 – 24.29
\nSpot Rate : 1.0000
\nAverage : 0.6851<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.29
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n

RY.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 22.80 – 23.33
\nSpot Rate : 0.5300
\nAverage : 0.3019<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 23.42 – 23.78
\nSpot Rate : 0.3600
\nAverage : 0.2588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-02-23
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.42
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.89%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained steady 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-43036","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43036","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=43036"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43036\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}