{"id":48168,"date":"2017-02-08T22:20:00","date_gmt":"2017-02-09T03:20:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48168"},"modified":"2025-07-10T22:21:03","modified_gmt":"2025-07-11T02:21:03","slug":"february-8-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48168","title":{"rendered":"February 8, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.22%, equivalent to 6.79% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.0%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 280bp, a significant widening from the 270bp reported January 25<\/a>.<\/p>\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>\n-0.7600 %<\/td>\n1,982.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.7600 %<\/td>\n3,637.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.81 %<\/td>\n3.97 %<\/td>\n46,934<\/td>\n17.45<\/td>\n4<\/td>\n-0.7600 %<\/td>\n2,096.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3045 %<\/td>\n2,972.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.48 %<\/td>\n58,241<\/td>\n4.15<\/td>\n4<\/td>\n0.3045 %<\/td>\n3,549.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3045 %<\/td>\n2,769.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n-2.39 %<\/td>\n75,050<\/td>\n0.09<\/td>\n16<\/td>\n0.1743 %<\/td>\n2,723.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.18 %<\/td>\n5.22 %<\/td>\n92,935<\/td>\n15.04<\/td>\n22<\/td>\n0.3143 %<\/td>\n2,901.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.49 %<\/td>\n4.13 %<\/td>\n228,123<\/td>\n6.74<\/td>\n97<\/td>\n-0.1409 %<\/td>\n2,291.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.05 %<\/td>\n0.41 %<\/td>\n131,833<\/td>\n0.14<\/td>\n31<\/td>\n0.1761 %<\/td>\n2,831.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.48 %<\/td>\n3.14 %<\/td>\n48,934<\/td>\n4.70<\/td>\n9<\/td>\n-0.7469 %<\/td>\n2,436.5<\/td>\n<\/tr>\n<\/table>\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.H<\/td>\nFloatingReset<\/td>\n-3.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 12.59
\nEvaluated at bid price : 12.59
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 16.45
\nEvaluated at bid price : 16.45
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 11.90
\nEvaluated at bid price : 11.90
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 11.91
\nEvaluated at bid price : 11.91
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 19.06
\nEvaluated at bid price : 19.06
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 19.78
\nEvaluated at bid price : 19.78
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.11
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 20.09
\nEvaluated at bid price : 20.09
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.04
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 13.80
\nEvaluated at bid price : 13.80
\nBid-YTW : 3.42 %<\/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
BNS.PR.B<\/td>\nFloatingReset<\/td>\n108,100<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.78
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n101,102<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n98,932<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n75,824<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.87
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n51,300<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.82
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n50,700<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 3.20 %<\/td>\n<\/tr>\n
There were 40 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
MFC.PR.O<\/td>\nFixedReset<\/td>\nQuote: 26.77 – 27.04
\nSpot Rate : 0.2700
\nAverage : 0.1857<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.77
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 21.96 – 22.34
\nSpot Rate : 0.3800
\nAverage : 0.3198<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.96
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

PVS.PR.E<\/td>\nSplitShare<\/td>\nQuote: 26.19 – 26.39
\nSpot Rate : 0.2000
\nAverage : 0.1441<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.19
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.31 – 25.48
\nSpot Rate : 0.1700
\nAverage : 0.1178<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : -3.30 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 17.87 – 18.11
\nSpot Rate : 0.2400
\nAverage : 0.1895<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-02-08
\nMaturity Price : 17.87
\nEvaluated at bid price : 17.87
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.29 – 18.58
\nSpot Rate : 0.2900
\nAverage : 0.2411<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.29
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.22%, equivalent to 6.79% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.0%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about …<\/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-48168","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48168","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=48168"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48168\/revisions"}],"predecessor-version":[{"id":48170,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48168\/revisions\/48170"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}