{"id":43280,"date":"2022-04-13T22:25:47","date_gmt":"2022-04-14T03:25:47","guid":{"rendered":"https:\/\/prefblog.com\/?p=43280"},"modified":"2022-04-13T22:25:47","modified_gmt":"2022-04-14T03:25:47","slug":"april-14-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43280","title":{"rendered":"April 13, 2022"},"content":{"rendered":"

The Globe and Mail remarks<\/a>:<\/p>\n

Canadians are particularly exposed to higher borrowing costs owing to high levels of household debt. At the same time, household finances actually have improved on average through the pandemic, according to central bank research, and interest rate increases will happen against the backdrop of brisk economic growth.<\/p><\/blockquote>\n

Well, given inflation and high levels of household debt<\/a> that’s going to have a pretty good effect at the margins.<\/p>\n

PerpetualDiscounts now yield 5.48%, equivalent to 7.12% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.24%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 290bp from the 275bp reported April 6<\/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>\n3.35 %<\/td>\n3.93 %<\/td>\n24,931<\/td>\n19.38<\/td>\n1<\/td>\n0.5266 %<\/td>\n2,719.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1235 %<\/td>\n5,150.8<\/td>\n<\/tr>\n
Floater<\/td>\n3.34 %<\/td>\n3.39 %<\/td>\n40,779<\/td>\n18.80<\/td>\n4<\/td>\n-0.1235 %<\/td>\n2,968.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0265 %<\/td>\n3,620.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.51 %<\/td>\n45,592<\/td>\n3.50<\/td>\n6<\/td>\n-0.0265 %<\/td>\n4,323.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0265 %<\/td>\n3,373.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52 %<\/td>\n5.10 %<\/td>\n66,311<\/td>\n14.54<\/td>\n16<\/td>\n-0.1141 %<\/td>\n3,093.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.48 %<\/td>\n5.48 %<\/td>\n63,341<\/td>\n14.68<\/td>\n17<\/td>\n-0.0267 %<\/td>\n3,386.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.35 %<\/td>\n5.47 %<\/td>\n131,402<\/td>\n14.91<\/td>\n49<\/td>\n1.6552 %<\/td>\n2,640.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.43 %<\/td>\n5.43 %<\/td>\n88,275<\/td>\n14.68<\/td>\n20<\/td>\n0.6813 %<\/td>\n3,302.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.59 %<\/td>\n3.88 %<\/td>\n57,878<\/td>\n17.71<\/td>\n2<\/td>\n0.1764 %<\/td>\n2,765.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.86 %<\/td>\n4.81 %<\/td>\n150,756<\/td>\n2.17<\/td>\n19<\/td>\n-0.0668 %<\/td>\n2,652.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.6552 %<\/td>\n2,699.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.39 %<\/td>\n5.57 %<\/td>\n82,934<\/td>\n14.64<\/td>\n15<\/td>\n0.7781 %<\/td>\n2,736.2<\/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
CU.PR.H<\/td>\nPerpetual-Premium<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 24.08
\nEvaluated at bid price : 24.42
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.93
\nEvaluated at bid price : 22.44
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.35
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.02
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 23.86
\nEvaluated at bid price : 24.37
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.71
\nEvaluated at bid price : 21.96
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.86
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n3.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.88
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n7.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n10.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n19.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n77.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.77
\nBid-YTW : 5.86 %<\/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>\n227,393<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n68,744<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.59
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n56,904<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 13.49
\nEvaluated at bid price : 13.49
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Prem<\/td>\n43,543<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.92
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n37,425<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.35
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n30,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : -10.29 %<\/td>\n<\/tr>\n
There were 20 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.D<\/td>\nFixedReset Disc<\/td>\nQuote: 19.49 – 22.00
\nSpot Rate : 2.5100
\nAverage : 1.4532<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 19.49
\nEvaluated at bid price : 19.49
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n

RY.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 22.10 – 23.98
\nSpot Rate : 1.8800
\nAverage : 1.0832<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n

PVS.PR.I<\/td>\nSplitShare<\/td>\nQuote: 25.75 – 30.00
\nSpot Rate : 4.2500
\nAverage : 3.5273<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 14.00 – 15.50
\nSpot Rate : 1.5000
\nAverage : 0.8595<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.87 – 24.30
\nSpot Rate : 1.4300
\nAverage : 0.8861<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 22.62
\nEvaluated at bid price : 22.87
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.88 – 23.59
\nSpot Rate : 1.7100
\nAverage : 1.3790<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-13
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.88
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Globe and Mail remarks: Canadians are particularly exposed to higher borrowing costs owing to high levels of household debt. At the same time, household finances actually have improved on average through the pandemic, according …<\/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-43280","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43280","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=43280"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43280\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}