{"id":48573,"date":"2017-07-18T22:03:00","date_gmt":"2017-07-19T02:03:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48573"},"modified":"2025-07-22T22:03:52","modified_gmt":"2025-07-23T02:03:52","slug":"july-18-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48573","title":{"rendered":"July 18, 2017"},"content":{"rendered":"

It is my belief that many of today’s economic problems are the result of disruption; we are experiencing change at a historically unprecedented pace. The Industrial Revolution and the Renaissance combined weren’t NUTHIN’ compared to what’s been happening since 1980. And usually the effects of disruption are difficult to foresee<\/a>:<\/p>\n

Japan thought it was on track to beat deflation. Then came the Amazon effect. <\/p>\n

The country\u2019s retailers have been cutting prices in response to the rise of online rivals like Amazon.com Inc., disrupting what had seemed like perfect conditions for Japan to get the stable dose of inflation it has long been looking for. <\/p>\n

In part as a result, Japan\u2019s central bank is likely to lower its price forecast for the current financial year at its policy meeting on Thursday, said people familiar with its thinking. That reflects continued resistance to price rises, despite Japan\u2019s longest economic expansion in 11 years and its tightest labor market in decades. The Bank of Japan is also likely to raise its view on the economy while keeping its policy settings on hold, the people said.<\/p>\n<\/blockquote>\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>\n1.5911 %<\/td>\n2,391.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.5911 %<\/td>\n4,387.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.62 %<\/td>\n3.64 %<\/td>\n105,677<\/td>\n18.21<\/td>\n3<\/td>\n1.5911 %<\/td>\n2,528.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0078 %<\/td>\n3,070.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.29 %<\/td>\n57,784<\/td>\n1.42<\/td>\n5<\/td>\n-0.0078 %<\/td>\n3,666.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0078 %<\/td>\n2,860.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n4.75 %<\/td>\n71,802<\/td>\n6.11<\/td>\n21<\/td>\n-0.1283 %<\/td>\n2,767.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.30 %<\/td>\n89,828<\/td>\n14.99<\/td>\n15<\/td>\n0.2154 %<\/td>\n2,910.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.33 %<\/td>\n4.32 %<\/td>\n180,336<\/td>\n6.39<\/td>\n98<\/td>\n0.0083 %<\/td>\n2,398.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.09 %<\/td>\n5.42 %<\/td>\n116,888<\/td>\n6.15<\/td>\n30<\/td>\n-0.0028 %<\/td>\n2,842.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.59 %<\/td>\n2.93 %<\/td>\n44,881<\/td>\n4.29<\/td>\n10<\/td>\n-0.0767 %<\/td>\n2,626.9<\/td>\n<\/tr>\n<\/table>\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-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 15.06
\nEvaluated at bid price : 15.06
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 17.33
\nEvaluated at bid price : 17.33
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.05
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 14.26
\nEvaluated at bid price : 14.26
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 14.22
\nEvaluated at bid price : 14.22
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 22.48
\nEvaluated at bid price : 22.74
\nBid-YTW : 5.24 %<\/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
BMO.PR.Q<\/td>\nFixedReset<\/td>\n301,045<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.55
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset<\/td>\n106,693<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.08
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n106,633<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.41
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n90,612<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 22.54
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n54,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.23
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n41,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
There were 16 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
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.25 – 24.81
\nSpot Rate : 0.5600
\nAverage : 0.3671<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.41 – 24.97
\nSpot Rate : 0.5600
\nAverage : 0.4088<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.33 – 24.75
\nSpot Rate : 0.4200
\nAverage : 0.3021<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 24.07
\nEvaluated at bid price : 24.33
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 22.45 – 22.77
\nSpot Rate : 0.3200
\nAverage : 0.2058<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 21.93
\nEvaluated at bid price : 22.45
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n

EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.80 – 26.20
\nSpot Rate : 0.4000
\nAverage : 0.3003<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n

TRP.PR.H<\/td>\nFloatingReset<\/td>\nQuote: 15.06 – 15.69
\nSpot Rate : 0.6300
\nAverage : 0.5483<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-18
\nMaturity Price : 15.06
\nEvaluated at bid price : 15.06
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

It is my belief that many of today’s economic problems are the result of disruption; we are experiencing change at a historically unprecedented pace. The Industrial Revolution and the Renaissance combined weren’t NUTHIN’ compared to …<\/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-48573","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48573","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=48573"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48573\/revisions"}],"predecessor-version":[{"id":48574,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48573\/revisions\/48574"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}