{"id":43171,"date":"2022-03-23T22:37:41","date_gmt":"2022-03-24T03:37:41","guid":{"rendered":"https:\/\/prefblog.com\/?p=43171"},"modified":"2022-03-23T22:37:41","modified_gmt":"2022-03-24T03:37:41","slug":"march-23-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43171","title":{"rendered":"March 23, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 5.15%, equivalent to 6.70% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.19%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at 250bp, the same as reported March 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>\n3.19 %<\/td>\n3.72 %<\/td>\n29,513<\/td>\n19.69<\/td>\n1<\/td>\n1.4440 %<\/td>\n2,802.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1654 %<\/td>\n5,233.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.36 %<\/td>\n3.35 %<\/td>\n64,841<\/td>\n18.87<\/td>\n3<\/td>\n-0.1654 %<\/td>\n3,016.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0982 %<\/td>\n3,635.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.72 %<\/td>\n4.41 %<\/td>\n30,685<\/td>\n3.39<\/td>\n7<\/td>\n-0.0982 %<\/td>\n4,341.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0982 %<\/td>\n3,387.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n-1.80 %<\/td>\n59,217<\/td>\n0.09<\/td>\n17<\/td>\n0.0512 %<\/td>\n3,194.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.15 %<\/td>\n69,666<\/td>\n15.15<\/td>\n16<\/td>\n-0.0744 %<\/td>\n3,635.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.15 %<\/td>\n4.81 %<\/td>\n118,555<\/td>\n15.51<\/td>\n46<\/td>\n-0.6685 %<\/td>\n2,736.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.09 %<\/td>\n4.86 %<\/td>\n89,251<\/td>\n15.21<\/td>\n18<\/td>\n-0.1514 %<\/td>\n3,523.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.09 %<\/td>\n2.72 %<\/td>\n53,888<\/td>\n20.44<\/td>\n2<\/td>\n-0.4211 %<\/td>\n2,878.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.75 %<\/td>\n3.76 %<\/td>\n140,996<\/td>\n1.69<\/td>\n23<\/td>\n-0.0289 %<\/td>\n2,705.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6685 %<\/td>\n2,797.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.14 %<\/td>\n4.75 %<\/td>\n73,729<\/td>\n15.95<\/td>\n15<\/td>\n0.3369 %<\/td>\n2,899.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-46.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 12.29
\nEvaluated at bid price : 12.29
\nBid-YTW : 9.45 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.57
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 22.39
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
PVS.PR.F<\/td>\nSplitShare<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 23.18
\nEvaluated at bid price : 23.61
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 23.39
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 22.37
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.67
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n2.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.78 %<\/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
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n186,622<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n132,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 24.12
\nEvaluated at bid price : 24.61
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Premium<\/td>\n88,087<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.58
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n85,693<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.02
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
IFC.PR.K<\/td>\nPerpetual-Premium<\/td>\n67,316<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
CM.PR.T<\/td>\nFixedReset Prem<\/td>\n61,847<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.51
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
There were 18 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
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 12.29 – 23.10
\nSpot Rate : 10.8100
\nAverage : 6.9833<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 12.29
\nEvaluated at bid price : 12.29
\nBid-YTW : 9.45 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.05 – 23.50
\nSpot Rate : 2.4500
\nAverage : 1.7436<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 22.05 – 23.50
\nSpot Rate : 1.4500
\nAverage : 0.8934<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 21.77
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

BAM.PR.E<\/td>\nRatchet<\/td>\nQuote: 19.67 – 20.67
\nSpot Rate : 1.0000
\nAverage : 0.6737<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.67
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 20.50 – 22.00
\nSpot Rate : 1.5000
\nAverage : 1.1794<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.40 – 23.50
\nSpot Rate : 1.1000
\nAverage : 0.8431<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-23
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.15%, equivalent to 6.70% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.19%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant 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-43171","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43171","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=43171"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43171\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}