{"id":48661,"date":"2017-08-01T21:51:00","date_gmt":"2017-08-02T01:51:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48661"},"modified":"2025-07-23T21:52:30","modified_gmt":"2025-07-24T01:52:30","slug":"august-1-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48661","title":{"rendered":"August 1, 2017"},"content":{"rendered":"

There’s some good news from S&P<\/a>:<\/p>\n

\n

S&P said Monday that it would no longer consider companies with multiple share classes for its main U.S. stock indexes. The one that matters is the S&P 500, which is tracked by about $2.2 trillion worth of assets and which serves as a benchmark for more than $7.8 trillion of investments. The share structures S&P is targeting usually grant insiders control of the company by giving their shares far more votes than shares held by outside investors.
…<\/b>
The shift mainly targets Silicon Valley, where companies from Facebook to Google and, most recently, Snap , have sold shares while giving investors virtually no say in how the companies are run. Snap, now down more than 20% from its IPO price, was seen as the tipping point because it gave investors no say at all. Companies already in the index will be allowed to stay.<\/p>\n

With billions flowing into index funds every month, blocking these companies will likely reduce their potential valuation.
…<\/b>
The rise of index funds, and companies such as Vanguard, BlackRock and State Street that dominate the business, has concentrated power in the hands of investors in a way never seen before. The three companies have long said they believe in one share, one vote. And they pay a lot of money to index providers like S&P to use their products. The fund managers, of course, are paid by investors.<\/p>\n<\/blockquote>\n

It is regrettable that the dominant Canadian index firm is the Toronto Stock Exchange, which is owned by the banks, who also own fool service brokerage houses while running many index-linked ETFs and closet-indexing mutual funds; so don’t hold your breath waiting for participating debentures masquerading as equity to be out of our indices any time soon. Fortunately, we know that the oligopoly is wonderful and works in our favour, because many of the oligopoly’s future employees currently at the Canadian Securities Administrators say so.<\/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-0.0462 %<\/td>\n2,418.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0462 %<\/td>\n4,437.8<\/td>\n<\/tr>\n
Floater<\/td>\n3.58 %<\/td>\n3.60 %<\/td>\n125,438<\/td>\n18.28<\/td>\n3<\/td>\n-0.0462 %<\/td>\n2,557.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0549 %<\/td>\n3,058.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.38 %<\/td>\n54,934<\/td>\n3.77<\/td>\n5<\/td>\n-0.0549 %<\/td>\n3,652.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0549 %<\/td>\n2,849.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.40 %<\/td>\n4.65 %<\/td>\n60,918<\/td>\n2.49<\/td>\n17<\/td>\n0.0813 %<\/td>\n2,781.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.29 %<\/td>\n5.31 %<\/td>\n70,581<\/td>\n14.93<\/td>\n20<\/td>\n0.2043 %<\/td>\n2,928.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.32 %<\/td>\n4.43 %<\/td>\n176,747<\/td>\n6.34<\/td>\n98<\/td>\n-0.0573 %<\/td>\n2,410.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n5.38 %<\/td>\n113,895<\/td>\n6.11<\/td>\n30<\/td>\n0.0735 %<\/td>\n2,862.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.60 %<\/td>\n3.01 %<\/td>\n41,186<\/td>\n4.26<\/td>\n9<\/td>\n-0.1009 %<\/td>\n2,642.1<\/td>\n<\/tr>\n<\/table>\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
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.97
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.12
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 24.06
\nEvaluated at bid price : 24.32
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 15.80
\nEvaluated at bid price : 15.80
\nBid-YTW : 4.49 %<\/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
NA.PR.S<\/td>\nFixedReset<\/td>\n438,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 22.36
\nEvaluated at bid price : 22.70
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset<\/td>\n286,861<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.67
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n197,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 22.42
\nEvaluated at bid price : 22.77
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset<\/td>\n116,080<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.83
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n100,523<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n91,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.10
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
There were 20 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
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.55 – 26.20
\nSpot Rate : 0.6500
\nAverage : 0.3897<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.55
\nBid-YTW : 1.03 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset<\/td>\nQuote: 24.23 – 24.72
\nSpot Rate : 0.4900
\nAverage : 0.3199<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.23
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.03 – 24.49
\nSpot Rate : 0.4600
\nAverage : 0.3215<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.03
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 23.90 – 24.35
\nSpot Rate : 0.4500
\nAverage : 0.3227<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-01
\nMaturity Price : 22.92
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

NA.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.12 – 26.54
\nSpot Rate : 0.4200
\nAverage : 0.2976<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.12
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 22.61 – 23.00
\nSpot Rate : 0.3900
\nAverage : 0.2734<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.61
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s some good news from S&P: S&P said Monday that it would no longer consider companies with multiple share classes for its main U.S. stock indexes. The one that matters is the S&P 500, which …<\/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-48661","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48661","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=48661"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48661\/revisions"}],"predecessor-version":[{"id":48662,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48661\/revisions\/48662"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}