{"id":48908,"date":"2017-11-29T10:44:00","date_gmt":"2017-11-29T15:44:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48908"},"modified":"2025-07-31T10:45:39","modified_gmt":"2025-07-31T14:45:39","slug":"november-29-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48908","title":{"rendered":"November 29, 2017"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.23%, equivalent to 6.80% 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 3.75%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 305bp, a slight (and perhaps spurious) widening from the 300bp reported <a href=\"https:\/\/prefblog.com\/?p=35744\">November 22<\/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>0.2401 %<\/td>\n<td>2,471.4<\/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>0.2401 %<\/td>\n<td>4,534.8<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.66 %<\/td>\n<td>3.88 %<\/td>\n<td>105,807<\/td>\n<td>17.60<\/td>\n<td>3<\/td>\n<td>0.2401 %<\/td>\n<td>2,613.4<\/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>0.0328 %<\/td>\n<td>3,124.0<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.72 %<\/td>\n<td>3.55 %<\/td>\n<td>53,985<\/td>\n<td>1.08<\/td>\n<td>6<\/td>\n<td>0.0328 %<\/td>\n<td>3,730.7<\/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>0.0328 %<\/td>\n<td>2,910.8<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.34 %<\/td>\n<td>4.72 %<\/td>\n<td>56,154<\/td>\n<td>0.09<\/td>\n<td>20<\/td>\n<td>-0.0294 %<\/td>\n<td>2,842.3<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.18 %<\/td>\n<td>5.23 %<\/td>\n<td>69,712<\/td>\n<td>15.06<\/td>\n<td>15<\/td>\n<td>-0.2078 %<\/td>\n<td>3,030.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.22 %<\/td>\n<td>4.17 %<\/td>\n<td>143,691<\/td>\n<td>4.47<\/td>\n<td>98<\/td>\n<td>-0.0332 %<\/td>\n<td>2,503.2<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.01 %<\/td>\n<td>5.29 %<\/td>\n<td>90,475<\/td>\n<td>5.90<\/td>\n<td>30<\/td>\n<td>-0.1282 %<\/td>\n<td>2,956.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.71 %<\/td>\n<td>2.72 %<\/td>\n<td>41,729<\/td>\n<td>3.94<\/td>\n<td>8<\/td>\n<td>0.2269 %<\/td>\n<td>2,689.7<\/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>SLF.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>-1.07 %<\/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 : 18.45<br \/>\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-29<br \/>\nMaturity Price  : 22.07<br \/>\nEvaluated at bid price : 22.30<br \/>\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-29<br \/>\nMaturity Price  : 17.53<br \/>\nEvaluated at bid price : 17.53<br \/>\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.28 %<\/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 : 23.71<br \/>\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-29<br \/>\nMaturity Price  : 18.21<br \/>\nEvaluated at bid price : 18.21<br \/>\nBid-YTW : 4.25 %<\/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>BMO.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>176,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-05-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>168,150<\/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 : 26.87<br \/>\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>75,000<\/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 : 26.70<br \/>\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>64,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-08-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.77<br \/>\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>55,900<\/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 : 25.14<br \/>\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.G<\/td>\n<td>FixedReset<\/td>\n<td>55,410<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.88<br \/>\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 19 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>SLF.PR.A<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 23.45 &#8211; 23.84<br \/>\nSpot Rate  :  0.3900<br \/>\nAverage  :  0.2483<\/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 : 23.45<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 25.16 &#8211; 25.50<br \/>\nSpot Rate  :  0.3400<br \/>\nAverage  :  0.2305<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-11-29<br \/>\nMaturity Price  : 24.87<br \/>\nEvaluated at bid price : 25.16<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.03 &#8211; 26.30<br \/>\nSpot Rate  :  0.2700<br \/>\nAverage  :  0.1866<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.03<br \/>\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 20.08 &#8211; 20.34<br \/>\nSpot Rate  :  0.2600<br \/>\nAverage  :  0.1777<\/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 : 20.08<br \/>\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.51 &#8211; 23.84<br \/>\nSpot Rate  :  0.3300<br \/>\nAverage  :  0.2479<\/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 : 23.51<br \/>\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 22.14 &#8211; 22.40<br \/>\nSpot Rate  :  0.2600<br \/>\nAverage  :  0.1841<\/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 : 22.14<br \/>\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.23%, equivalent to 6.80% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.75%, 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-48908","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48908","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=48908"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48908\/revisions"}],"predecessor-version":[{"id":48909,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48908\/revisions\/48909"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}