{"id":43410,"date":"2022-05-11T19:17:33","date_gmt":"2022-05-12T00:17:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=43410"},"modified":"2022-05-11T19:17:33","modified_gmt":"2022-05-12T00:17:33","slug":"may-11-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43410","title":{"rendered":"May 11, 2022"},"content":{"rendered":"

The US Inflation Number<\/a> came out today:<\/p>\n

Energy prices fell 2.7 percent in April, driven by a decrease in the cost of gasoline, which fell 6.1 percent from March. But overall energy prices were still 30.3 percent higher than a year earlier, more than three times the rate of both overall inflation and so-called core inflation.
\n…<\/b>
\nPrices of dairy, eggs and cereals soared in April, pushing up overall inflation as an outbreak of bird flu, the rising cost of fuel and fertilizer, labor shortages and other factors added to prices at restaurants and grocery stores.<\/p>\n

The price of food rose 0.9 percent in April from the previous month, the 17th consecutive monthly increase, according to the Consumer Price Index compiled by the Bureau of Labor Statistics and released on Wednesday.<\/p>\n

The increase was driven by a 2.5 percent increase in the price of dairy, a 2.0 percent increase in nonalcoholic beverages and a 10.3 percent increase in the cost of eggs, as avian flu decimated poultry flocks.<\/p>\n

But prices of fruits and vegetables declined from the previous month, and the overall pace of rising prices for groceries cooled slightly in April, rising 1.0 percent after an increase of 1.5 percent the previous month.
\n…<\/b>
\nThe Consumer Price Index rose 8.3 percent in the year through April, a slight deceleration from March, when prices rose 8.5 percent, but still a bigger jump than economists had expected. The government\u2019s report also showed core inflation \u2014 which strips out volatile food and gas prices \u2014 rose 0.6 percent in April from the previous month, faster than its 0.3 percent increase in March.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 5.91%, equivalent to 7.68% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.86%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and perhaps spuriously) to 280bp from the 275bp reported May 4<\/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>\n3.86 %<\/td>\n4.53 %<\/td>\n22,704<\/td>\n18.35<\/td>\n1<\/td>\n-1.1080 %<\/td>\n2,542.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4857 %<\/td>\n4,827.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.27 %<\/td>\n4.31 %<\/td>\n48,120<\/td>\n16.75<\/td>\n3<\/td>\n0.4857 %<\/td>\n2,782.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1990 %<\/td>\n3,511.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n5.50 %<\/td>\n40,629<\/td>\n3.28<\/td>\n8<\/td>\n0.1990 %<\/td>\n4,193.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1990 %<\/td>\n3,271.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.94 %<\/td>\n5.98 %<\/td>\n60,718<\/td>\n13.92<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,940.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.83 %<\/td>\n5.91 %<\/td>\n67,185<\/td>\n14.01<\/td>\n35<\/td>\n-0.1772 %<\/td>\n3,186.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.64 %<\/td>\n6.03 %<\/td>\n134,827<\/td>\n13.99<\/td>\n59<\/td>\n0.1757 %<\/td>\n2,499.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.75 %<\/td>\n5.85 %<\/td>\n98,028<\/td>\n14.03<\/td>\n20<\/td>\n-0.1740 %<\/td>\n3,122.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.87 %<\/td>\n5.18 %<\/td>\n63,208<\/td>\n15.16<\/td>\n2<\/td>\n-0.6319 %<\/td>\n2,552.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.13 %<\/td>\n5.44 %<\/td>\n135,850<\/td>\n2.08<\/td>\n9<\/td>\n-0.4643 %<\/td>\n2,570.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1757 %<\/td>\n2,554.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.56 %<\/td>\n6.02 %<\/td>\n83,315<\/td>\n13.90<\/td>\n15<\/td>\n0.1357 %<\/td>\n2,629.5<\/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\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.68
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-3.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n-1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.17
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.54
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Prem<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.15
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.85
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.56
\nEvaluated at bid price : 23.17
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 23.57
\nEvaluated at bid price : 23.98
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.43
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 20.32
\nEvaluated at bid price : 20.32
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 20.52
\nEvaluated at bid price : 20.52
\nBid-YTW : 6.00 %<\/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
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n107,189<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n82,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 20.98
\nEvaluated at bid price : 20.98
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n68,305<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n62,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 20.73
\nEvaluated at bid price : 20.73
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n49,838<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n30,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
There were 17 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
IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 22.00 – 23.50
\nSpot Rate : 1.5000
\nAverage : 1.1754<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.68
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.40 – 23.20
\nSpot Rate : 0.8000
\nAverage : 0.4871<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.70 – 23.23
\nSpot Rate : 1.5300
\nAverage : 1.2211<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 23.65 – 24.75
\nSpot Rate : 1.1000
\nAverage : 0.8038<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 23.08
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.10 – 23.30
\nSpot Rate : 1.2000
\nAverage : 0.9259<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n

RY.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 23.10 – 23.95
\nSpot Rate : 0.8500
\nAverage : 0.6185<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-05-11
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The US Inflation Number came out today: Energy prices fell 2.7 percent in April, driven by a decrease in the cost of gasoline, which fell 6.1 percent from March. But overall energy prices were still …<\/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-43410","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43410","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=43410"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43410\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}