{"id":48221,"date":"2017-03-08T21:29:00","date_gmt":"2017-03-09T02:29:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48221"},"modified":"2025-07-15T21:30:14","modified_gmt":"2025-07-16T01:30:14","slug":"march-8-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48221","title":{"rendered":"March 8, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.23%, equivalent to 6.80% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield just a bit under 4.1%, so the pre-tax interest-equivalent spread is now about 270bp, unchanged from the March 1<\/a> report.<\/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>\n0.1912 %<\/td>\n2,093.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1912 %<\/td>\n3,842.1<\/td>\n<\/tr>\n
Floater<\/td>\n3.61 %<\/td>\n3.81 %<\/td>\n49,231<\/td>\n17.75<\/td>\n4<\/td>\n0.1912 %<\/td>\n2,214.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0861 %<\/td>\n3,003.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.98 %<\/td>\n3.90 %<\/td>\n62,556<\/td>\n0.74<\/td>\n5<\/td>\n-0.0861 %<\/td>\n3,586.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0861 %<\/td>\n2,798.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n3.91 %<\/td>\n65,850<\/td>\n0.09<\/td>\n20<\/td>\n0.0059 %<\/td>\n2,741.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.16 %<\/td>\n5.23 %<\/td>\n99,541<\/td>\n15.00<\/td>\n18<\/td>\n0.0400 %<\/td>\n2,919.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.46 %<\/td>\n4.15 %<\/td>\n225,285<\/td>\n6.73<\/td>\n97<\/td>\n0.0830 %<\/td>\n2,315.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.04 %<\/td>\n-0.49 %<\/td>\n137,496<\/td>\n0.15<\/td>\n31<\/td>\n-0.0185 %<\/td>\n2,858.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.47 %<\/td>\n3.20 %<\/td>\n50,583<\/td>\n4.62<\/td>\n9<\/td>\n0.1230 %<\/td>\n2,474.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
No individual gains or losses exceeding 1%!<\/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.O<\/td>\nDeemed-Retractible<\/td>\n369,825<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 0.65 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n164,811<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n106,499<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-08
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.98
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n102,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : -2.44 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n80,034<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.83
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n76,726<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-08
\nMaturity Price : 22.37
\nEvaluated at bid price : 22.83
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
There were 41 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
CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 21.56 – 21.89
\nSpot Rate : 0.3300
\nAverage : 0.2522<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-08
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n

W.PR.M<\/td>\nFixedReset<\/td>\nQuote: 26.11 – 26.34
\nSpot Rate : 0.2300
\nAverage : 0.1761<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.11
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n

PVS.PR.E<\/td>\nSplitShare<\/td>\nQuote: 26.21 – 26.45
\nSpot Rate : 0.2400
\nAverage : 0.1913<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-07
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.21
\nBid-YTW : -4.29 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.25 – 22.41
\nSpot Rate : 0.1600
\nAverage : 0.1170<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.25
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n

RY.PR.W<\/td>\nPerpetual-Discount<\/td>\nQuote: 25.08 – 25.22
\nSpot Rate : 0.1400
\nAverage : 0.0976<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.67 – 18.88
\nSpot Rate : 0.2100
\nAverage : 0.1702<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-08
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.23%, equivalent to 6.80% interest at the standard equivalency factor of 1.3x. Long corporates now yield just a bit under 4.1%, so the pre-tax interest-equivalent spread is now about 270bp, unchanged from …<\/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-48221","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48221","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=48221"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48221\/revisions"}],"predecessor-version":[{"id":48222,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48221\/revisions\/48222"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}