{"id":48585,"date":"2017-07-05T22:20:00","date_gmt":"2017-07-06T02:20:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48585"},"modified":"2025-07-22T22:21:16","modified_gmt":"2025-07-23T02:21:16","slug":"july-5-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48585","title":{"rendered":"July 5, 2017"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.16%, equivalent to 6.71% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield about 3.75%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 295bp, unchanged from the <a href=\"http:\/\/prefblog.com\/?p=35051\">June 28<\/a> report.<\/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>3.1330 %<\/td>\n<td>2,244.7<\/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>3.1330 %<\/td>\n<td>4,118.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.53 %<\/td>\n<td>3.55 %<\/td>\n<td>76,565<\/td>\n<td>18.45<\/td>\n<td>3<\/td>\n<td>3.1330 %<\/td>\n<td>2,373.7<\/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>0.0234 %<\/td>\n<td>3,069.7<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.69 %<\/td>\n<td>4.25 %<\/td>\n<td>56,731<\/td>\n<td>1.46<\/td>\n<td>5<\/td>\n<td>0.0234 %<\/td>\n<td>3,665.9<\/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>0.0234 %<\/td>\n<td>2,860.3<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.32 %<\/td>\n<td>3.48 %<\/td>\n<td>71,239<\/td>\n<td>0.09<\/td>\n<td>21<\/td>\n<td>-0.2068 %<\/td>\n<td>2,786.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.15 %<\/td>\n<td>5.16 %<\/td>\n<td>87,953<\/td>\n<td>15.07<\/td>\n<td>15<\/td>\n<td>-0.1407 %<\/td>\n<td>2,991.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.34 %<\/td>\n<td>4.30 %<\/td>\n<td>188,260<\/td>\n<td>6.44<\/td>\n<td>97<\/td>\n<td>0.2874 %<\/td>\n<td>2,386.4<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.00 %<\/td>\n<td>5.13 %<\/td>\n<td>119,465<\/td>\n<td>6.19<\/td>\n<td>30<\/td>\n<td>-0.0437 %<\/td>\n<td>2,892.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.65 %<\/td>\n<td>3.07 %<\/td>\n<td>49,789<\/td>\n<td>4.30<\/td>\n<td>10<\/td>\n<td>0.0046 %<\/td>\n<td>2,589.7<\/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>IAG.PR.A<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.39 %<\/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 : 22.66<br \/>\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.C<\/td>\n<td>FixedReset<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 21.45<br \/>\nEvaluated at bid price : 21.80<br \/>\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>1.02 %<\/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 : 16.82<br \/>\nBid-YTW : 8.44 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>1.04 %<\/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 : 21.35<br \/>\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.09 %<\/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 : 20.47<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 16.70<br \/>\nEvaluated at bid price : 16.70<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>VNR.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 21.79<br \/>\nEvaluated at bid price : 22.23<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 22.85<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 23.19<br \/>\nEvaluated at bid price : 24.50<br \/>\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>1.46 %<\/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 : 22.18<br \/>\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 20.06<br \/>\nEvaluated at bid price : 20.06<br \/>\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>2.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 13.39<br \/>\nEvaluated at bid price : 13.39<br \/>\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>3.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 13.41<br \/>\nEvaluated at bid price : 13.41<br \/>\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>3.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 13.36<br \/>\nEvaluated at bid price : 13.36<br \/>\nBid-YTW : 3.55 %<\/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>CM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>400,779<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.07<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>332,505<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-08-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>111,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 13.36<br \/>\nEvaluated at bid price : 13.36<br \/>\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>81,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 22.55<br \/>\nEvaluated at bid price : 23.27<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>68,250<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-11-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.99<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.H<\/td>\n<td>FixedReset<\/td>\n<td>66,237<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.37<br \/>\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 28 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>TRP.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.90 &#8211; 27.40<br \/>\nSpot Rate  :  0.5000<br \/>\nAverage  :  0.2988<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.90<br \/>\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 20.00 &#8211; 20.35<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2467<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.W<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 21.80 &#8211; 22.00<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1303<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 21.45<br \/>\nEvaluated at bid price : 21.80<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.78 &#8211; 25.00<br \/>\nSpot Rate  :  0.2200<br \/>\nAverage  :  0.1573<\/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 : 24.78<br \/>\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 16.70 &#8211; 17.02<br \/>\nSpot Rate  :  0.3200<br \/>\nAverage  :  0.2577<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 16.70<br \/>\nEvaluated at bid price : 16.70<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.H<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 14.34 &#8211; 14.85<br \/>\nSpot Rate  :  0.5100<br \/>\nAverage  :  0.4505<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-05<br \/>\nMaturity Price  : 14.34<br \/>\nEvaluated at bid price : 14.34<br \/>\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.16%, equivalent to 6.71% 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 &#8220;Seniority Spread&#8221;) is now about &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-48585","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48585","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=48585"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48585\/revisions"}],"predecessor-version":[{"id":48586,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48585\/revisions\/48586"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}