{"id":43199,"date":"2022-03-30T18:25:55","date_gmt":"2022-03-30T23:25:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=43199"},"modified":"2022-03-30T18:25:55","modified_gmt":"2022-03-30T23:25:55","slug":"march-30-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43199","title":{"rendered":"March 30, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 5.19%, equivalent to 6.75% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.45%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed sharply to 230bp from the 250bp reported March 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>\n3.22 %<\/td>\n3.73 %<\/td>\n26,699<\/td>\n19.68<\/td>\n1<\/td>\n1.2887 %<\/td>\n2,799.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2841 %<\/td>\n5,247.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.35 %<\/td>\n3.35 %<\/td>\n61,934<\/td>\n18.87<\/td>\n3<\/td>\n0.2841 %<\/td>\n3,024.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2701 %<\/td>\n3,634.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.68 %<\/td>\n4.45 %<\/td>\n29,711<\/td>\n3.42<\/td>\n8<\/td>\n-0.2701 %<\/td>\n4,339.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2701 %<\/td>\n3,386.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n-1.08 %<\/td>\n61,677<\/td>\n0.09<\/td>\n17<\/td>\n-0.1191 %<\/td>\n3,176.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.14 %<\/td>\n5.19 %<\/td>\n69,305<\/td>\n15.12<\/td>\n16<\/td>\n-0.0940 %<\/td>\n3,596.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.14 %<\/td>\n5.18 %<\/td>\n116,947<\/td>\n15.11<\/td>\n46<\/td>\n0.5169 %<\/td>\n2,740.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.19 %<\/td>\n5.08 %<\/td>\n89,221<\/td>\n15.17<\/td>\n18<\/td>\n-0.0164 %<\/td>\n3,458.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.12 %<\/td>\n3.45 %<\/td>\n44,834<\/td>\n18.62<\/td>\n2<\/td>\n0.1140 %<\/td>\n2,851.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.77 %<\/td>\n3.77 %<\/td>\n145,640<\/td>\n1.98<\/td>\n23<\/td>\n0.3031 %<\/td>\n2,694.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5169 %<\/td>\n2,801.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.20 %<\/td>\n5.16 %<\/td>\n77,887<\/td>\n15.32<\/td>\n15<\/td>\n0.3695 %<\/td>\n2,857.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.38
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 23.34
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Premium<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 24.41
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.71
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Prem<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.14
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 19.91
\nEvaluated at bid price : 19.91
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
RS.PR.A<\/td>\nSplitShare<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.45
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.71
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 24.56
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.65
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.31
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 23.94
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 5.88 %<\/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.B<\/td>\nFixedReset Disc<\/td>\n147,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.54
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n108,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.23
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
PVS.PR.I<\/td>\nSplitShare<\/td>\n50,347<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Prem<\/td>\n48,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.14
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n39,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n39,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.52
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
There were 16 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
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 22.95 – 23.95
\nSpot Rate : 1.0000
\nAverage : 0.7444<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

RY.PR.J<\/td>\nFixedReset Disc<\/td>\nQuote: 23.55 – 24.15
\nSpot Rate : 0.6000
\nAverage : 0.3819<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.63 – 24.50
\nSpot Rate : 0.8700
\nAverage : 0.6965<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 23.34
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.65 – 23.25
\nSpot Rate : 0.6000
\nAverage : 0.4438<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.01 – 23.68
\nSpot Rate : 0.6700
\nAverage : 0.5262<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.01
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 22.55 – 22.99
\nSpot Rate : 0.4400
\nAverage : 0.3064<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-03-30
\nMaturity Price : 22.18
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.19%, equivalent to 6.75% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.45%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed sharply to …<\/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-43199","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43199","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=43199"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43199\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}