{"id":48605,"date":"2017-07-14T23:06:00","date_gmt":"2017-07-15T03:06:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48605"},"modified":"2025-07-22T23:06:31","modified_gmt":"2025-07-23T03:06:31","slug":"july-14-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48605","title":{"rendered":"July 14, 2017"},"content":{"rendered":"<p>A red letter day today! Aided by a small bump in the GOC-5 rate, the calculated median YTW for the FixedResets subindex is greater than its mean current yield for the first time since 2008!<\/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>-1.7499 %<\/td>\n<td>2,353.7<\/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>-1.7499 %<\/td>\n<td>4,318.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.68 %<\/td>\n<td>3.70 %<\/td>\n<td>97,796<\/td>\n<td>18.09<\/td>\n<td>3<\/td>\n<td>-1.7499 %<\/td>\n<td>2,489.0<\/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>0.0783 %<\/td>\n<td>3,067.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.69 %<\/td>\n<td>4.21 %<\/td>\n<td>57,892<\/td>\n<td>1.43<\/td>\n<td>5<\/td>\n<td>0.0783 %<\/td>\n<td>3,663.1<\/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>0.0783 %<\/td>\n<td>2,858.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.37 %<\/td>\n<td>4.73 %<\/td>\n<td>69,759<\/td>\n<td>5.93<\/td>\n<td>21<\/td>\n<td>-0.1468 %<\/td>\n<td>2,775.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.30 %<\/td>\n<td>5.29 %<\/td>\n<td>92,632<\/td>\n<td>14.99<\/td>\n<td>15<\/td>\n<td>-0.2113 %<\/td>\n<td>2,914.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.33 %<\/td>\n<td>4.34 %<\/td>\n<td>180,669<\/td>\n<td>6.41<\/td>\n<td>98<\/td>\n<td>-0.0626 %<\/td>\n<td>2,397.9<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.07 %<\/td>\n<td>5.41 %<\/td>\n<td>117,300<\/td>\n<td>6.16<\/td>\n<td>30<\/td>\n<td>-0.2596 %<\/td>\n<td>2,855.5<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.60 %<\/td>\n<td>2.99 %<\/td>\n<td>45,439<\/td>\n<td>4.30<\/td>\n<td>10<\/td>\n<td>-0.0497 %<\/td>\n<td>2,625.6<\/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>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-2.59 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 13.93<br \/>\nEvaluated at bid price : 13.93<br \/>\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 16.93<br \/>\nEvaluated at bid price : 16.93<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>-1.47 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 14.05<br \/>\nEvaluated at bid price : 14.05<br \/>\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.32 %<\/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 : 21.64<br \/>\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>-1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 24.18<br \/>\nEvaluated at bid price : 24.69<br \/>\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>-1.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 14.13<br \/>\nEvaluated at bid price : 14.13<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>-1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 24.59<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 21.56<br \/>\nEvaluated at bid price : 21.56<br \/>\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.A<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.10 %<\/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 : 22.51<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>-1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 16.30<br \/>\nEvaluated at bid price : 16.30<br \/>\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.11 %<\/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 : 22.70<br \/>\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n<tr>\n<td>VNR.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>2.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 21.89<br \/>\nEvaluated at bid price : 22.39<br \/>\nBid-YTW : 4.81 %<\/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>TD.PF.I<\/td>\n<td>FixedReset<\/td>\n<td>775,498<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>298,785<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-06-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.78<br \/>\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>176,767<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.87<br \/>\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>176,654<\/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 : 25.12<br \/>\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>103,900<\/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 : 26.95<br \/>\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>79,483<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-02-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.25<br \/>\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 23 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>BMO.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 21.50 &#8211; 21.99<br \/>\nSpot Rate  :  0.4900<br \/>\nAverage  :  0.3274<\/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 : 21.50<br \/>\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 16.93 &#8211; 17.43<br \/>\nSpot Rate  :  0.5000<br \/>\nAverage  :  0.3403<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 16.93<br \/>\nEvaluated at bid price : 16.93<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.65 &#8211; 23.08<br \/>\nSpot Rate  :  0.4300<br \/>\nAverage  :  0.2742<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 22.25<br \/>\nEvaluated at bid price : 22.65<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.01 &#8211; 25.40<br \/>\nSpot Rate  :  0.3900<br \/>\nAverage  :  0.2464<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 24.59<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 21.64 &#8211; 22.05<br \/>\nSpot Rate  :  0.4100<br \/>\nAverage  :  0.2675<\/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 : 21.64<br \/>\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>Quote: 13.93 &#8211; 14.35<br \/>\nSpot Rate  :  0.4200<br \/>\nAverage  :  0.2826<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-07-14<br \/>\nMaturity Price  : 13.93<br \/>\nEvaluated at bid price : 13.93<br \/>\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>A red letter day today! Aided by a small bump in the GOC-5 rate, the calculated median YTW for the FixedResets subindex is greater than its mean current yield for the first time since 2008! &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-48605","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48605","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=48605"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48605\/revisions"}],"predecessor-version":[{"id":48606,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48605\/revisions\/48606"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}