{"id":48667,"date":"2017-08-02T22:08:00","date_gmt":"2017-08-03T02:08:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48667"},"modified":"2025-07-23T22:09:03","modified_gmt":"2025-07-24T02:09:03","slug":"august-2-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48667","title":{"rendered":"August 2, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.25%, equivalent to 6.82% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little over 4.0%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 280bp, a sharp narrowing from the 295bp reported July 26<\/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>\n1.0862 %<\/td>\n2,444.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0862 %<\/td>\n4,486.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.54 %<\/td>\n3.56 %<\/td>\n130,013<\/td>\n18.36<\/td>\n3<\/td>\n1.0862 %<\/td>\n2,585.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1333 %<\/td>\n3,062.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.37 %<\/td>\n54,379<\/td>\n1.38<\/td>\n5<\/td>\n0.1333 %<\/td>\n3,657.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1333 %<\/td>\n2,853.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n4.59 %<\/td>\n60,190<\/td>\n2.49<\/td>\n17<\/td>\n0.1206 %<\/td>\n2,784.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.29 %<\/td>\n5.25 %<\/td>\n69,476<\/td>\n14.95<\/td>\n20<\/td>\n0.1444 %<\/td>\n2,933.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.32 %<\/td>\n4.42 %<\/td>\n171,191<\/td>\n6.34<\/td>\n98<\/td>\n0.0952 %<\/td>\n2,412.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n5.40 %<\/td>\n111,710<\/td>\n6.11<\/td>\n30<\/td>\n0.1122 %<\/td>\n2,865.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.60 %<\/td>\n2.95 %<\/td>\n41,946<\/td>\n4.26<\/td>\n9<\/td>\n-0.0657 %<\/td>\n2,640.4<\/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
BAM.PR.C<\/td>\nFloater<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-02
\nMaturity Price : 14.60
\nEvaluated at bid price : 14.60
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-02
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.10
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-02
\nMaturity Price : 14.54
\nEvaluated at bid price : 14.54
\nBid-YTW : 3.58 %<\/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
MFC.PR.O<\/td>\nFixedReset<\/td>\n202,776<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.13
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n163,108<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset<\/td>\n161,237<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n129,325<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.38
\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n102,017<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.64
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n98,373<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.05
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
There were 18 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 – 26.25
\nSpot Rate : 0.7000
\nAverage : 0.5520<\/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 : 1.04 %<\/td>\n<\/tr>\n

TRP.PR.J<\/td>\nFixedReset<\/td>\nQuote: 27.05 – 27.35
\nSpot Rate : 0.3000
\nAverage : 0.1733<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.05
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n

BNS.PR.H<\/td>\nFixedReset<\/td>\nQuote: 26.11 – 26.40
\nSpot Rate : 0.2900
\nAverage : 0.1981<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.11
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n

TD.PR.S<\/td>\nFixedReset<\/td>\nQuote: 24.76 – 24.98
\nSpot Rate : 0.2200
\nAverage : 0.1388<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.76
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 19.83 – 20.27
\nSpot Rate : 0.4400
\nAverage : 0.3589<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.83
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.03 – 23.28
\nSpot Rate : 0.2500
\nAverage : 0.1689<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-02
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.03
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.25%, equivalent to 6.82% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 4.0%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is …<\/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-48667","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48667","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=48667"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48667\/revisions"}],"predecessor-version":[{"id":48668,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48667\/revisions\/48668"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}