{"id":43764,"date":"2022-07-06T19:14:12","date_gmt":"2022-07-07T00:14:12","guid":{"rendered":"https:\/\/prefblog.com\/?p=43764"},"modified":"2022-07-06T19:14:12","modified_gmt":"2022-07-07T00:14:12","slug":"july-6-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43764","title":{"rendered":"July 6, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 5.23%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 270bp from the 255bp reported June 29<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2339 %<\/td>\n2,469.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2339 %<\/td>\n4,736.6<\/td>\n<\/tr>\n
Floater<\/td>\n5.04 %<\/td>\n5.09 %<\/td>\n40,282<\/td>\n15.39<\/td>\n3<\/td>\n0.2339 %<\/td>\n2,729.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4949 %<\/td>\n3,485.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n5.54 %<\/td>\n47,849<\/td>\n3.17<\/td>\n8<\/td>\n0.4949 %<\/td>\n4,162.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4949 %<\/td>\n3,247.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2924 %<\/td>\n2,846.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.99 %<\/td>\n6.10 %<\/td>\n66,888<\/td>\n13.74<\/td>\n34<\/td>\n0.2924 %<\/td>\n3,103.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.77 %<\/td>\n6.30 %<\/td>\n113,026<\/td>\n13.62<\/td>\n56<\/td>\n0.8942 %<\/td>\n2,471.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.02 %<\/td>\n6.09 %<\/td>\n92,171<\/td>\n13.78<\/td>\n18<\/td>\n-0.2322 %<\/td>\n2,986.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.93 %<\/td>\n6.31 %<\/td>\n44,809<\/td>\n13.48<\/td>\n2<\/td>\n-0.7502 %<\/td>\n2,577.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.01 %<\/td>\n4.58 %<\/td>\n134,396<\/td>\n1.96<\/td>\n10<\/td>\n0.0119 %<\/td>\n2,603.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8942 %<\/td>\n2,526.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.77 %<\/td>\n6.62 %<\/td>\n64,283<\/td>\n13.45<\/td>\n14<\/td>\n-0.9510 %<\/td>\n2,557.8<\/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\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.E<\/td>\nFixedReset Disc<\/td>\n-7.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 17.18
\nEvaluated at bid price : 17.18
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-3.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.57
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 16.49
\nEvaluated at bid price : 16.49
\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 19.62
\nEvaluated at bid price : 19.62
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 7.72 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 19.30
\nEvaluated at bid price : 19.30
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 16.07
\nEvaluated at bid price : 16.07
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 12.76
\nEvaluated at bid price : 12.76
\nBid-YTW : 7.79 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 16.85
\nEvaluated at bid price : 16.85
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 12.18
\nEvaluated at bid price : 12.18
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.81
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 18.47
\nEvaluated at bid price : 18.47
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
PVS.PR.J<\/td>\nSplitShare<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
PVS.PR.G<\/td>\nSplitShare<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.91
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 20.11
\nEvaluated at bid price : 20.11
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.68
\nEvaluated at bid price : 23.30
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.36
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n4.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n7.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n81.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.79 %<\/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
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n390,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n102,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 23.10
\nEvaluated at bid price : 23.52
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n96,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n56,915<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.91
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n55,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Prem<\/td>\n48,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
There were 13 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
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.14 – 24.49
\nSpot Rate : 3.3500
\nAverage : 1.9237<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.10 – 25.10
\nSpot Rate : 3.0000
\nAverage : 2.0751<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 16.85 – 19.99
\nSpot Rate : 3.1400
\nAverage : 2.3256<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 16.85
\nEvaluated at bid price : 16.85
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n

PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.86 – 25.33
\nSpot Rate : 1.4700
\nAverage : 0.8561<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 23.59
\nEvaluated at bid price : 23.86
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 17.18 – 19.50
\nSpot Rate : 2.3200
\nAverage : 1.7525<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 17.18
\nEvaluated at bid price : 17.18
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n

RY.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.65 – 24.80
\nSpot Rate : 1.1500
\nAverage : 0.7228<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-07-06
\nMaturity Price : 23.17
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates now yield 5.23%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 270bp …<\/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-43764","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43764","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=43764"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43764\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}