{"id":48374,"date":"2017-04-26T11:19:00","date_gmt":"2017-04-26T15:19:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48374"},"modified":"2025-07-18T11:20:25","modified_gmt":"2025-07-18T15:20:25","slug":"april-26-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48374","title":{"rendered":"April 26, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.10%, equivalent to 6.63% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 3.75%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 290bp, a slight (and perhaps spurious) widening from the 285bp reported April 19<\/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-1.1391 %<\/td>\n2,136.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.1391 %<\/td>\n3,919.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.57 %<\/td>\n3.69 %<\/td>\n51,689<\/td>\n18.10<\/td>\n4<\/td>\n-1.1391 %<\/td>\n2,258.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0718 %<\/td>\n3,019.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.94 %<\/td>\n4.27 %<\/td>\n53,141<\/td>\n0.61<\/td>\n6<\/td>\n-0.0718 %<\/td>\n3,606.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0718 %<\/td>\n2,813.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.30 %<\/td>\n0.24 %<\/td>\n75,286<\/td>\n0.09<\/td>\n23<\/td>\n0.0476 %<\/td>\n2,784.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.10 %<\/td>\n113,577<\/td>\n15.33<\/td>\n13<\/td>\n0.2496 %<\/td>\n2,997.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.38 %<\/td>\n3.93 %<\/td>\n229,186<\/td>\n6.60<\/td>\n94<\/td>\n-0.0289 %<\/td>\n2,363.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.00 %<\/td>\n4.75 %<\/td>\n146,070<\/td>\n0.16<\/td>\n31<\/td>\n-0.1360 %<\/td>\n2,892.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.51 %<\/td>\n2.96 %<\/td>\n55,968<\/td>\n4.50<\/td>\n9<\/td>\n0.7883 %<\/td>\n2,545.4<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.A<\/td>\nFloater<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 14.29
\nEvaluated at bid price : 14.29
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 19.33
\nEvaluated at bid price : 19.33
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 22.32
\nEvaluated at bid price : 23.13
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 22.19
\nEvaluated at bid price : 22.49
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 19.73
\nEvaluated at bid price : 19.73
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 21.32
\nEvaluated at bid price : 21.62
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Premium<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.28
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n8.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 18.93
\nEvaluated at bid price : 18.93
\nBid-YTW : 3.28 %<\/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.R<\/td>\nFixedReset<\/td>\n292,428<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.16
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n212,840<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.17
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n203,805<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.44
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n119,831<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.32
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n110,606<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.33
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n62,907<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.24
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
There were 29 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.G<\/td>\nFixedReset<\/td>\nQuote: 27.17 – 27.35
\nSpot Rate : 0.1800
\nAverage : 0.1055<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.17
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n

MFC.PR.O<\/td>\nFixedReset<\/td>\nQuote: 27.30 – 27.53
\nSpot Rate : 0.2300
\nAverage : 0.1609<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.30
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 12.91 – 13.19
\nSpot Rate : 0.2800
\nAverage : 0.2152<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 12.91
\nEvaluated at bid price : 12.91
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n

PVS.PR.E<\/td>\nSplitShare<\/td>\nQuote: 26.37 – 26.65
\nSpot Rate : 0.2800
\nAverage : 0.2191<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-05-26
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.37
\nBid-YTW : -3.16 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset<\/td>\nQuote: 23.45 – 23.70
\nSpot Rate : 0.2500
\nAverage : 0.1904<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.45
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.22 – 25.47
\nSpot Rate : 0.2500
\nAverage : 0.1915<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-04-26
\nMaturity Price : 24.92
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.10%, equivalent to 6.63% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.75%, 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-48374","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48374","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=48374"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48374\/revisions"}],"predecessor-version":[{"id":48375,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48374\/revisions\/48375"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}