{"id":48644,"date":"2017-08-23T21:39:00","date_gmt":"2017-08-24T01:39:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48644"},"modified":"2025-07-23T21:40:02","modified_gmt":"2025-07-24T01:40:02","slug":"august-23-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48644","title":{"rendered":"August 23, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.33%, equivalent to 6.93% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 305bp, the same as reported August 16<\/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-0.7554 %<\/td>\n2,349.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.7554 %<\/td>\n4,311.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.68 %<\/td>\n3.72 %<\/td>\n118,272<\/td>\n17.96<\/td>\n3<\/td>\n-0.7554 %<\/td>\n2,484.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0552 %<\/td>\n3,081.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n3.94 %<\/td>\n54,484<\/td>\n1.34<\/td>\n5<\/td>\n0.0552 %<\/td>\n3,679.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0552 %<\/td>\n2,870.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.40 %<\/td>\n4.80 %<\/td>\n58,904<\/td>\n5.89<\/td>\n17<\/td>\n0.0814 %<\/td>\n2,779.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.33 %<\/td>\n64,666<\/td>\n14.89<\/td>\n20<\/td>\n-0.0319 %<\/td>\n2,929.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.38 %<\/td>\n4.45 %<\/td>\n142,074<\/td>\n6.34<\/td>\n98<\/td>\n0.0388 %<\/td>\n2,382.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n5.54 %<\/td>\n107,258<\/td>\n6.04<\/td>\n31<\/td>\n-0.0080 %<\/td>\n2,869.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.62 %<\/td>\n3.04 %<\/td>\n40,781<\/td>\n4.20<\/td>\n9<\/td>\n0.1276 %<\/td>\n2,619.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 4.52 %<\/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.B<\/td>\nDeemed-Retractible<\/td>\n382,008<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-09-22
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 1.13 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n273,800<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 2.84 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset<\/td>\n185,199<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n130,399<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n104,330<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.07
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n100,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
There were 27 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
MFC.PR.J<\/td>\nFixedReset<\/td>\nQuote: 23.07 – 23.53
\nSpot Rate : 0.4600
\nAverage : 0.3379<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.07
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset<\/td>\nQuote: 23.78 – 24.14
\nSpot Rate : 0.3600
\nAverage : 0.2534<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.78
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 24.45 – 24.76
\nSpot Rate : 0.3100
\nAverage : 0.2062<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.77 – 23.14
\nSpot Rate : 0.3700
\nAverage : 0.2813<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.77
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n

PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.63 – 24.92
\nSpot Rate : 0.2900
\nAverage : 0.2052<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.63
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 16.16 – 16.40
\nSpot Rate : 0.2400
\nAverage : 0.1622<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-23
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.33%, equivalent to 6.93% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.90%, 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-48644","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48644","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=48644"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48644\/revisions"}],"predecessor-version":[{"id":48646,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48644\/revisions\/48646"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}