{"id":48894,"date":"2017-11-15T20:00:00","date_gmt":"2017-11-16T01:00:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48894"},"modified":"2025-07-30T20:01:23","modified_gmt":"2025-07-31T00:01:23","slug":"november-15-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48894","title":{"rendered":"November 15, 2017"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield a little under 3.80%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 305bp, unchanged from <a href=\"https:\/\/prefblog.com\/?p=35688\">November 8<\/a>.<\/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>0.9711 %<\/td>\n<td>2,461.7<\/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>0.9711 %<\/td>\n<td>4,517.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.67 %<\/td>\n<td>3.90 %<\/td>\n<td>99,104<\/td>\n<td>17.59<\/td>\n<td>3<\/td>\n<td>0.9711 %<\/td>\n<td>2,603.2<\/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>-0.2679 %<\/td>\n<td>3,091.6<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.72 %<\/td>\n<td>4.68 %<\/td>\n<td>52,505<\/td>\n<td>4.29<\/td>\n<td>6<\/td>\n<td>-0.2679 %<\/td>\n<td>3,692.1<\/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>-0.2679 %<\/td>\n<td>2,880.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.36 %<\/td>\n<td>4.72 %<\/td>\n<td>45,286<\/td>\n<td>0.13<\/td>\n<td>20<\/td>\n<td>-0.0275 %<\/td>\n<td>2,834.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.23 %<\/td>\n<td>5.26 %<\/td>\n<td>73,352<\/td>\n<td>15.03<\/td>\n<td>15<\/td>\n<td>-0.1221 %<\/td>\n<td>3,000.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.24 %<\/td>\n<td>4.25 %<\/td>\n<td>144,703<\/td>\n<td>4.47<\/td>\n<td>99<\/td>\n<td>-0.1266 %<\/td>\n<td>2,488.5<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.03 %<\/td>\n<td>5.38 %<\/td>\n<td>89,615<\/td>\n<td>5.93<\/td>\n<td>30<\/td>\n<td>-0.0287 %<\/td>\n<td>2,933.5<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.79 %<\/td>\n<td>2.85 %<\/td>\n<td>42,448<\/td>\n<td>3.97<\/td>\n<td>8<\/td>\n<td>-0.0272 %<\/td>\n<td>2,676.6<\/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>PVS.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>-1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2024-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>-1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-15<br \/>\nMaturity Price  : 23.13<br \/>\nEvaluated at bid price : 24.20<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>1.51 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-15<br \/>\nMaturity Price  : 16.85<br \/>\nEvaluated at bid price : 16.85<br \/>\nBid-YTW : 3.32 %<\/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>HSB.PR.D<\/td>\n<td>Deemed-Retractible<\/td>\n<td>747,864<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-12-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 0.49 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>632,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-01-26<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.30<br \/>\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>103,571<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.64<br \/>\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>101,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.05<br \/>\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>81,090<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-15<br \/>\nMaturity Price  : 22.91<br \/>\nEvaluated at bid price : 23.30<br \/>\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>77,712<\/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 : 25.64<br \/>\nBid-YTW : 3.87 %<\/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>PVS.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.10 &#8211; 25.50<br \/>\nSpot Rate  :  0.4000<br \/>\nAverage  :  0.3011<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2024-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.O<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.91 &#8211; 26.20<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.2034<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-12-15<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 25.91<br \/>\nBid-YTW : -21.58 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.64 &#8211; 26.92<br \/>\nSpot Rate  :  0.2800<br \/>\nAverage  :  0.2052<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.64<br \/>\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.95 &#8211; 23.20<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1761<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-15<br \/>\nMaturity Price  : 22.59<br \/>\nEvaluated at bid price : 22.95<br \/>\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.85 &#8211; 26.23<br \/>\nSpot Rate  :  0.3800<br \/>\nAverage  :  0.3067<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.85<br \/>\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.80 &#8211; 24.00<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1341<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-15<br \/>\nMaturity Price  : 23.35<br \/>\nEvaluated at bid price : 23.80<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.80%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is &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-48894","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48894","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=48894"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48894\/revisions"}],"predecessor-version":[{"id":48895,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48894\/revisions\/48895"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}