{"id":48349,"date":"2017-04-12T21:47:00","date_gmt":"2017-04-13T01:47:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48349"},"modified":"2025-07-17T21:48:43","modified_gmt":"2025-07-18T01:48:43","slug":"april-12-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48349","title":{"rendered":"April 12, 2017"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.06%, equivalent to 6.58% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield just a bit more than 3.8% so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 275bp, a slight (and perhaps spurious) widening from the 270bp reported <a href=\"https:\/\/prefblog.com\/?p=34571\">March 29<\/a>.<\/p>\n<table border=\"1\">\n<tr>\n<td colspan=\"8\"><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.5537 %<\/td>\n<td>2,192.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.5537 %<\/td>\n<td>4,023.5<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.47 %<\/td>\n<td>3.56 %<\/td>\n<td>40,361<\/td>\n<td>18.41<\/td>\n<td>4<\/td>\n<td>0.5537 %<\/td>\n<td>2,318.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0391 %<\/td>\n<td>3,029.6<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.93 %<\/td>\n<td>4.04 %<\/td>\n<td>57,650<\/td>\n<td>0.65<\/td>\n<td>6<\/td>\n<td>0.0391 %<\/td>\n<td>3,618.0<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0391 %<\/td>\n<td>2,822.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.28 %<\/td>\n<td>-8.91 %<\/td>\n<td>73,787<\/td>\n<td>0.09<\/td>\n<td>23<\/td>\n<td>-0.0287 %<\/td>\n<td>2,792.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.07 %<\/td>\n<td>5.06 %<\/td>\n<td>115,306<\/td>\n<td>15.38<\/td>\n<td>13<\/td>\n<td>-0.0934 %<\/td>\n<td>3,006.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.33 %<\/td>\n<td>3.95 %<\/td>\n<td>241,189<\/td>\n<td>6.66<\/td>\n<td>94<\/td>\n<td>0.0984 %<\/td>\n<td>2,389.3<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.97 %<\/td>\n<td>3.67 %<\/td>\n<td>142,040<\/td>\n<td>0.12<\/td>\n<td>31<\/td>\n<td>-0.0456 %<\/td>\n<td>2,899.5<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.52 %<\/td>\n<td>3.01 %<\/td>\n<td>53,532<\/td>\n<td>4.53<\/td>\n<td>9<\/td>\n<td>0.0887 %<\/td>\n<td>2,547.0<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.82<br \/>\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-04-12<br \/>\nMaturity Price  : 23.02<br \/>\nEvaluated at bid price : 23.39<br \/>\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.54 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-04-12<br \/>\nMaturity Price  : 16.49<br \/>\nEvaluated at bid price : 16.49<br \/>\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>112,655<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.32<br \/>\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>110,275<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-08-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.50<br \/>\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>95,650<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-04-12<br \/>\nMaturity Price  : 15.03<br \/>\nEvaluated at bid price : 15.03<br \/>\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>78,497<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.45<br \/>\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>74,933<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.71<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>73,592<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.20<br \/>\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 32 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"3\"><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.52 &#8211; 25.75<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1528<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.45 &#8211; 22.65<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1313<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.45<br \/>\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 15.92 &#8211; 16.23<br \/>\nSpot Rate  :  0.3100<br \/>\nAverage  :  0.2501<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.92<br \/>\nBid-YTW : 8.43 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.74 &#8211; 22.95<br \/>\nSpot Rate  :  0.2100<br \/>\nAverage  :  0.1538<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-04-12<br \/>\nMaturity Price  : 22.12<br \/>\nEvaluated at bid price : 22.74<br \/>\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.88 &#8211; 25.05<br \/>\nSpot Rate  :  0.1700<br \/>\nAverage  :  0.1154<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-04-12<br \/>\nMaturity Price  : 24.62<br \/>\nEvaluated at bid price : 24.88<br \/>\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.39 &#8211; 25.64<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1958<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-05-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.39<br \/>\nBid-YTW : -13.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.06%, equivalent to 6.58% interest at the standard equivalency factor of 1.3x. Long corporates now yield just a bit more than 3.8% so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority &hellip;<\/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-48349","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48349","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=48349"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48349\/revisions"}],"predecessor-version":[{"id":48350,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48349\/revisions\/48350"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}