{"id":46404,"date":"2024-02-14T21:46:00","date_gmt":"2024-02-15T02:46:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=46404"},"modified":"2024-02-14T21:46:00","modified_gmt":"2024-02-15T02:46:00","slug":"february-14-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46404","title":{"rendered":"February 14, 2024"},"content":{"rendered":"

PerpetualDiscounts now yield 6.66%, equivalent to 8.66% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 5.12% on 2024-2-14, so there is no need to adjust the figure for the timing of the measurement! The pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened sharply to 355bp from the 330bp reported February 7<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(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>\n0.5930 %<\/td>\n2,294.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5930 %<\/td>\n4,401.6<\/td>\n<\/tr>\n
Floater<\/td>\n10.61 %<\/td>\n10.87 %<\/td>\n30,886<\/td>\n8.81<\/td>\n2<\/td>\n0.5930 %<\/td>\n2,536.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0418 %<\/td>\n3,440.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n7.15 %<\/td>\n50,943<\/td>\n1.90<\/td>\n7<\/td>\n0.0418 %<\/td>\n4,108.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0418 %<\/td>\n3,205.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3404 %<\/td>\n2,644.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.50 %<\/td>\n6.66 %<\/td>\n47,641<\/td>\n12.96<\/td>\n33<\/td>\n0.3404 %<\/td>\n2,884.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.60 %<\/td>\n7.78 %<\/td>\n117,665<\/td>\n12.04<\/td>\n59<\/td>\n0.0432 %<\/td>\n2,356.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.31 %<\/td>\n6.51 %<\/td>\n65,417<\/td>\n13.14<\/td>\n21<\/td>\n0.2944 %<\/td>\n2,872.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.99 %<\/td>\n10.25 %<\/td>\n35,520<\/td>\n9.27<\/td>\n3<\/td>\n0.1881 %<\/td>\n2,608.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.95 %<\/td>\n6.73 %<\/td>\n164,971<\/td>\n3.28<\/td>\n1<\/td>\n-0.2367 %<\/td>\n2,513.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0432 %<\/td>\n2,409.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.43 %<\/td>\n7.18 %<\/td>\n90,893<\/td>\n12.38<\/td>\n14<\/td>\n0.1922 %<\/td>\n2,617.0<\/td>\n<\/tr>\n<\/table>\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
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.48
\nEvaluated at bid price : 19.48
\nBid-YTW : 8.51 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n
PVS.PR.H<\/td>\nSplitShare<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 11.90
\nEvaluated at bid price : 11.90
\nBid-YTW : 10.87 %<\/td>\n<\/tr>\n
IFC.PR.K<\/td>\nInsurance Straight<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 15.20
\nEvaluated at bid price : 15.20
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.83 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n124,376<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.92
\nEvaluated at bid price : 20.92
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n61,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n58,625<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n50,725<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n47,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 7.21 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n32,418<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 8.32 %<\/td>\n<\/tr>\n
There were 13 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\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
TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 21.90 – 22.99
\nSpot Rate : 1.0900
\nAverage : 0.6473<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.90
\nBid-YTW : 7.16 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 14.80 – 15.90
\nSpot Rate : 1.1000
\nAverage : 0.7231<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 9.41 %<\/td>\n<\/tr>\n

PVS.PR.H<\/td>\nSplitShare<\/td>\nQuote: 24.00 – 25.00
\nSpot Rate : 1.0000
\nAverage : 0.6341<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n

BN.PF.H<\/td>\nFixedReset Disc<\/td>\nQuote: 21.52 – 22.35
\nSpot Rate : 0.8300
\nAverage : 0.5382<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.52
\nBid-YTW : 8.82 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.31 – 22.23
\nSpot Rate : 0.9200
\nAverage : 0.6940<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.31
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n

BN.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 17.65 – 18.29
\nSpot Rate : 0.6400
\nAverage : 0.4153<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-02-14
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 6.66%, equivalent to 8.66% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.12% on 2024-2-14, so there is no need to adjust the figure for the timing of 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-46404","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46404","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=46404"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46404\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}