{"id":43096,"date":"2022-03-09T21:04:19","date_gmt":"2022-03-10T02:04:19","guid":{"rendered":"https:\/\/prefblog.com\/?p=43096"},"modified":"2022-03-09T21:04:19","modified_gmt":"2022-03-10T02:04:19","slug":"march-9-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43096","title":{"rendered":"March 9, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 5.00%, equivalent to 6.50% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.93%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously) to 255bp from the 260bp reported February 23<\/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>\n3.29 %<\/td>\n3.90 %<\/td>\n36,330<\/td>\n19.57<\/td>\n1<\/td>\n0.8602 %<\/td>\n2,672.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2187 %<\/td>\n5,108.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.44 %<\/td>\n3.46 %<\/td>\n58,946<\/td>\n18.53<\/td>\n3<\/td>\n0.2187 %<\/td>\n2,944.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1205 %<\/td>\n3,638.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.29 %<\/td>\n30,819<\/td>\n3.43<\/td>\n7<\/td>\n-0.1205 %<\/td>\n4,345.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1205 %<\/td>\n3,390.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.32 %<\/td>\n-4.83 %<\/td>\n48,861<\/td>\n0.08<\/td>\n16<\/td>\n0.1232 %<\/td>\n3,205.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.96 %<\/td>\n5.00 %<\/td>\n65,429<\/td>\n15.37<\/td>\n16<\/td>\n0.5526 %<\/td>\n3,727.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.23 %<\/td>\n4.30 %<\/td>\n120,899<\/td>\n16.73<\/td>\n46<\/td>\n1.8583 %<\/td>\n2,681.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.04 %<\/td>\n4.74 %<\/td>\n91,322<\/td>\n15.53<\/td>\n18<\/td>\n0.4572 %<\/td>\n3,558.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.21 %<\/td>\n2.78 %<\/td>\n59,519<\/td>\n20.31<\/td>\n2<\/td>\n0.4367 %<\/td>\n2,800.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.78 %<\/td>\n3.92 %<\/td>\n145,177<\/td>\n3.43<\/td>\n23<\/td>\n0.3230 %<\/td>\n2,687.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.8583 %<\/td>\n2,740.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.36 %<\/td>\n4.38 %<\/td>\n81,251<\/td>\n16.63<\/td>\n17<\/td>\n0.3701 %<\/td>\n2,784.0<\/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\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
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.70
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 24.88
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.94
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.74
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.46
\nEvaluated at bid price : 22.75
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.26
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.01
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 13.15
\nEvaluated at bid price : 13.15
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.65
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 17.57
\nEvaluated at bid price : 17.57
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.52
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.31
\nEvaluated at bid price : 23.59
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.21
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 15.80
\nEvaluated at bid price : 15.80
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.47
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n3.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n5.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.25
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n10.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n81.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.35
\nBid-YTW : 4.72 %<\/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.S<\/td>\nFixedReset Prem<\/td>\n57,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.56
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n42,766<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 15.80
\nEvaluated at bid price : 15.80
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n31,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n24,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.31
\nEvaluated at bid price : 23.61
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n23,329<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n20,837<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n
There were 11 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
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 23.00 – 24.32
\nSpot Rate : 1.3200
\nAverage : 0.9619<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.27 – 21.25
\nSpot Rate : 1.9800
\nAverage : 1.7408<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 19.27
\nEvaluated at bid price : 19.27
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n

BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 22.25 – 23.25
\nSpot Rate : 1.0000
\nAverage : 0.7767<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 23.66 – 24.39
\nSpot Rate : 0.7300
\nAverage : 0.5200<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.66
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.75 – 23.34
\nSpot Rate : 0.5900
\nAverage : 0.3947<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.75
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.40 – 24.00
\nSpot Rate : 0.6000
\nAverage : 0.4492<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-09
\nMaturity Price : 23.10
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.00%, equivalent to 6.50% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.93%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and …<\/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-43096","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43096","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=43096"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43096\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}