{"id":44146,"date":"2022-09-14T23:06:55","date_gmt":"2022-09-15T04:06:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=44146"},"modified":"2022-09-14T23:06:55","modified_gmt":"2022-09-15T04:06:55","slug":"september-14-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44146","title":{"rendered":"September 14, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 6.26%, equivalent to 8.14% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.99%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained at the 315bp reported September 7<\/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>\n-1.2908 %<\/td>\n2,498.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.2908 %<\/td>\n4,792.5<\/td>\n<\/tr>\n
Floater<\/td>\n7.34 %<\/td>\n7.36 %<\/td>\n52,024<\/td>\n12.13<\/td>\n2<\/td>\n-1.2908 %<\/td>\n2,761.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2069 %<\/td>\n3,449.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.93 %<\/td>\n5.42 %<\/td>\n30,005<\/td>\n2.97<\/td>\n8<\/td>\n-0.2069 %<\/td>\n4,119.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2069 %<\/td>\n3,214.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2080 %<\/td>\n2,785.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.12 %<\/td>\n6.26 %<\/td>\n62,500<\/td>\n13.49<\/td>\n35<\/td>\n-0.2080 %<\/td>\n3,037.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.80 %<\/td>\n6.47 %<\/td>\n95,176<\/td>\n13.34<\/td>\n58<\/td>\n-0.3813 %<\/td>\n2,465.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.15 %<\/td>\n6.16 %<\/td>\n75,379<\/td>\n13.72<\/td>\n19<\/td>\n-0.7740 %<\/td>\n2,925.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n7.86 %<\/td>\n8.07 %<\/td>\n37,553<\/td>\n11.35<\/td>\n2<\/td>\n0.0311 %<\/td>\n2,608.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.15 %<\/td>\n5.31 %<\/td>\n107,315<\/td>\n1.77<\/td>\n6<\/td>\n0.0796 %<\/td>\n2,573.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3813 %<\/td>\n2,520.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.84 %<\/td>\n6.79 %<\/td>\n50,703<\/td>\n13.07<\/td>\n14<\/td>\n0.1093 %<\/td>\n2,519.3<\/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\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-4.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n-3.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 18.94
\nEvaluated at bid price : 18.94
\nBid-YTW : 7.76 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.15
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 16.96
\nEvaluated at bid price : 16.96
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.46
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 23.01
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.08
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 7.83 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 23.78
\nEvaluated at bid price : 24.62
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Prem<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.78
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 8.24 %<\/td>\n<\/tr>\n
IFC.PR.K<\/td>\nPerpetual-Discount<\/td>\n4.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.79
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n5.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n7.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n7.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 6.20 %<\/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
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n100,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.69
\nEvaluated at bid price : 20.69
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n78,579<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 15.46
\nEvaluated at bid price : 15.46
\nBid-YTW : 7.96 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n76,203<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 18.94
\nEvaluated at bid price : 18.94
\nBid-YTW : 7.76 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n67,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n34,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n21,588<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.25
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
There were 7 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.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.63 – 20.88
\nSpot Rate : 2.2500
\nAverage : 1.2581<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 18.63
\nEvaluated at bid price : 18.63
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 20.62 – 23.50
\nSpot Rate : 2.8800
\nAverage : 2.0544<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 20.62
\nEvaluated at bid price : 20.62
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 21.00 – 22.09
\nSpot Rate : 1.0900
\nAverage : 0.7677<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n

RY.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.31 – 24.19
\nSpot Rate : 0.8800
\nAverage : 0.5781<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 23.01
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 18.94 – 19.75
\nSpot Rate : 0.8100
\nAverage : 0.5132<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 18.94
\nEvaluated at bid price : 18.94
\nBid-YTW : 7.76 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 21.05 – 21.83
\nSpot Rate : 0.7800
\nAverage : 0.4897<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-09-14
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 6.26%, equivalent to 8.14% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.99%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained at the …<\/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-44146","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44146","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=44146"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44146\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}