{"id":43644,"date":"2022-06-21T20:31:07","date_gmt":"2022-06-22T01:31:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=43644"},"modified":"2022-06-21T20:31:07","modified_gmt":"2022-06-22T01:31:07","slug":"june-21-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43644","title":{"rendered":"June 21, 2022"},"content":{"rendered":"

Oh, what a wicked world this is<\/a>!<\/p>\n

The Securities and Exchange Commission today charged Haverford, PA-based Egan-Jones Ratings Company, a nationally recognized statistical rating organization (NRSRO) registered with the Commission in certain ratings classes, with violating conflict of interest provisions. The SEC also charged the company\u2019s founder and chief executive officer, Sean Egan, with causing certain of those violations.<\/p>\n

The SEC\u2019s order finds that, in 2019, Egan, who at the time headed Egan-Jones\u2019s ratings group, became involved in business and marketing activities concerning a client and was influenced by sales and marketing considerations while participating in determining a credit rating for that client, which created a prohibited conflict of interest. The order finds that by issuing and maintaining a rating for the client under those circumstances, Egan-Jones violated the SEC\u2019s NRSRO conflict of interest rules and, further, that Egan caused the company\u2019s violations.<\/p><\/blockquote>\n

Egan-Jones is an investor-pay Credit Rating Agency; you know, those guys who are ever so much more ethical than the issuer-pay crowd.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3008 %<\/td>\n2,547.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3008 %<\/td>\n4,885.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.88 %<\/td>\n4.90 %<\/td>\n51,129<\/td>\n15.70<\/td>\n3<\/td>\n-0.3008 %<\/td>\n2,815.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3894 %<\/td>\n3,476.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n5.50 %<\/td>\n39,943<\/td>\n3.17<\/td>\n8<\/td>\n-0.3894 %<\/td>\n4,151.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3894 %<\/td>\n3,239.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.95 %<\/td>\n6.09 %<\/td>\n78,517<\/td>\n13.68<\/td>\n2<\/td>\n-0.0813 %<\/td>\n2,905.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.95 %<\/td>\n6.06 %<\/td>\n63,338<\/td>\n13.75<\/td>\n34<\/td>\n0.0551 %<\/td>\n3,117.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.65 %<\/td>\n6.65 %<\/td>\n114,718<\/td>\n13.32<\/td>\n57<\/td>\n0.4493 %<\/td>\n2,510.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.99 %<\/td>\n6.07 %<\/td>\n86,799<\/td>\n13.82<\/td>\n19<\/td>\n0.0890 %<\/td>\n3,003.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.55 %<\/td>\n5.89 %<\/td>\n49,864<\/td>\n14.08<\/td>\n2<\/td>\n0.9583 %<\/td>\n2,650.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.10 %<\/td>\n5.16 %<\/td>\n135,609<\/td>\n1.97<\/td>\n9<\/td>\n0.0487 %<\/td>\n2,584.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4493 %<\/td>\n2,566.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.49 %<\/td>\n6.55 %<\/td>\n78,024<\/td>\n13.45<\/td>\n15<\/td>\n-0.4599 %<\/td>\n2,672.3<\/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
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-4.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
PVS.PR.J<\/td>\nSplitShare<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
PVS.PR.I<\/td>\nSplitShare<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 23.89
\nEvaluated at bid price : 24.25
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.36
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 13.21
\nEvaluated at bid price : 13.21
\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n2.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.36
\nEvaluated at bid price : 20.36
\nBid-YTW : 6.67 %<\/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
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n211,090<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 23.47
\nEvaluated at bid price : 23.90
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n105,759<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n52,176<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.31
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n30,985<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n25,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.68
\nEvaluated at bid price : 20.68
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n23,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.56
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
There were 6 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
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.70 – 21.99
\nSpot Rate : 2.2900
\nAverage : 1.4739<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.51 – 20.98
\nSpot Rate : 1.4700
\nAverage : 0.9659<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 20.80 – 22.35
\nSpot Rate : 1.5500
\nAverage : 1.1019<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset Disc<\/td>\nQuote: 21.29 – 22.92
\nSpot Rate : 1.6300
\nAverage : 1.2319<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n

RY.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 20.70 – 22.55
\nSpot Rate : 1.8500
\nAverage : 1.5006<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.15 – 24.25
\nSpot Rate : 3.1000
\nAverage : 2.7538<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-06-21
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Oh, what a wicked world this is! The Securities and Exchange Commission today charged Haverford, PA-based Egan-Jones Ratings Company, a nationally recognized statistical rating organization (NRSRO) registered with the Commission in certain ratings classes, with …<\/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-43644","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43644","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=43644"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43644\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}