{"id":48331,"date":"2017-04-19T21:12:00","date_gmt":"2017-04-20T01:12:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48331"},"modified":"2025-07-17T21:13:47","modified_gmt":"2025-07-18T01:13:47","slug":"april-19-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48331","title":{"rendered":"April 19, 2017"},"content":{"rendered":"

So the Toronto real estate market is on fire and, as usual, there are those who consider this a bad thing. So far we’re blaming foreigners<\/a> and speculators<\/a> … we only need to bring short sellers into the mix to complete the trifecta! But I found the following chart in an otherwise unexceptional puff-piece<\/a> to be fascinating:<\/p>\n

\"downtown\"<\/a>
Click for Big<\/i><\/div>\n

PerpetualDiscounts now yield 5.08%, equivalent to 6.60% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little under 3.75% so the pre-tax interest equivalent spread is now about 285bp, a significant widening from the 275bp reported April 12<\/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>\n0.3184 %<\/td>\n2,156.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3184 %<\/td>\n3,956.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.53 %<\/td>\n3.65 %<\/td>\n43,093<\/td>\n18.20<\/td>\n4<\/td>\n0.3184 %<\/td>\n2,280.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0913 %<\/td>\n3,027.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.93 %<\/td>\n4.05 %<\/td>\n55,999<\/td>\n0.63<\/td>\n6<\/td>\n0.0913 %<\/td>\n3,615.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0913 %<\/td>\n2,821.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.29 %<\/td>\n-4.57 %<\/td>\n73,214<\/td>\n0.09<\/td>\n23<\/td>\n-0.1881 %<\/td>\n2,782.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.08 %<\/td>\n109,989<\/td>\n15.35<\/td>\n13<\/td>\n-0.2323 %<\/td>\n2,997.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.38 %<\/td>\n3.98 %<\/td>\n239,148<\/td>\n6.63<\/td>\n94<\/td>\n-0.0844 %<\/td>\n2,357.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.99 %<\/td>\n4.37 %<\/td>\n144,791<\/td>\n0.10<\/td>\n31<\/td>\n-0.0654 %<\/td>\n2,888.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.55 %<\/td>\n3.11 %<\/td>\n54,014<\/td>\n4.51<\/td>\n9<\/td>\n-0.1985 %<\/td>\n2,535.4<\/td>\n<\/tr>\n<\/table>\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
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.72
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.16
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 15.78
\nEvaluated at bid price : 15.78
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.46
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 14.63
\nEvaluated at bid price : 14.63
\nBid-YTW : 3.95 %<\/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
CM.PR.Q<\/td>\nFixedReset<\/td>\n356,802<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 22.56
\nEvaluated at bid price : 23.26
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n208,288<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-05-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 0.40 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n146,214<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n122,198<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.16
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n111,866<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset<\/td>\n103,728<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
There were 46 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
IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.50 – 18.89
\nSpot Rate : 0.3900
\nAverage : 0.2661<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 21.51 – 21.87
\nSpot Rate : 0.3600
\nAverage : 0.2567<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset<\/td>\nQuote: 23.80 – 24.06
\nSpot Rate : 0.2600
\nAverage : 0.1795<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-19
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n

W.PR.M<\/td>\nFixedReset<\/td>\nQuote: 26.36 – 26.58
\nSpot Rate : 0.2200
\nAverage : 0.1406<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.36
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 15.72 – 16.00
\nSpot Rate : 0.2800
\nAverage : 0.2019<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.72
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.12 – 23.45
\nSpot Rate : 0.3300
\nAverage : 0.2597<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.12
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So the Toronto real estate market is on fire and, as usual, there are those who consider this a bad thing. So far we’re blaming foreigners and speculators … we only need to bring short …<\/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-48331","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48331","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=48331"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48331\/revisions"}],"predecessor-version":[{"id":48332,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48331\/revisions\/48332"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}