{"id":49008,"date":"2017-12-20T10:08:00","date_gmt":"2017-12-20T15:08:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49008"},"modified":"2025-08-01T10:09:34","modified_gmt":"2025-08-01T14:09:34","slug":"december-20-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49008","title":{"rendered":"December 20, 2017"},"content":{"rendered":"

PerpetualDiscounts now yield 5.29%, equivalent to 6.88% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little over 3.75%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 310bp, a significant narrowing from the 320bp reported December 13<\/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>\n1.0760 %<\/td>\n2,506.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0760 %<\/td>\n4,600.1<\/td>\n<\/tr>\n
Floater<\/td>\n3.67 %<\/td>\n3.80 %<\/td>\n32,515<\/td>\n17.86<\/td>\n4<\/td>\n1.0760 %<\/td>\n2,651.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0779 %<\/td>\n3,148.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n3.94 %<\/td>\n66,179<\/td>\n3.48<\/td>\n5<\/td>\n0.0779 %<\/td>\n3,759.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0779 %<\/td>\n2,933.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n4.78 %<\/td>\n50,404<\/td>\n2.14<\/td>\n20<\/td>\n0.0432 %<\/td>\n2,840.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.23 %<\/td>\n5.29 %<\/td>\n69,155<\/td>\n14.91<\/td>\n14<\/td>\n0.1227 %<\/td>\n3,006.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.26 %<\/td>\n4.30 %<\/td>\n149,022<\/td>\n4.38<\/td>\n98<\/td>\n0.1696 %<\/td>\n2,487.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n5.21 %<\/td>\n89,758<\/td>\n5.92<\/td>\n30<\/td>\n0.2100 %<\/td>\n2,944.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.78 %<\/td>\n2.80 %<\/td>\n44,480<\/td>\n3.88<\/td>\n8<\/td>\n0.1358 %<\/td>\n2,687.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\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
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.08
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.01
\nBid-YTW : 8.03 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 16.99
\nEvaluated at bid price : 16.99
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 14.73
\nEvaluated at bid price : 14.73
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 14.72
\nEvaluated at bid price : 14.72
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.82 %<\/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.I<\/td>\nFixedReset<\/td>\n299,875<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n250,870<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset<\/td>\n226,519<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n187,539<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.22
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nDeemed-Retractible<\/td>\n128,300<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n100,060<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.78
\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n
There were 37 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
PVS.PR.E<\/td>\nSplitShare<\/td>\nQuote: 26.50 – 27.01
\nSpot Rate : 0.5100
\nAverage : 0.3517<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-01-19
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.50
\nBid-YTW : -15.04 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.75 – 26.17
\nSpot Rate : 0.4200
\nAverage : 0.2647<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-01-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.75
\nBid-YTW : -8.12 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset<\/td>\nQuote: 24.08 – 24.45
\nSpot Rate : 0.3700
\nAverage : 0.2433<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.08
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 24.60 – 24.90
\nSpot Rate : 0.3000
\nAverage : 0.1749<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-20
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n

RY.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.36 – 25.68
\nSpot Rate : 0.3200
\nAverage : 0.1952<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-01-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : -8.83 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 18.18 – 18.45
\nSpot Rate : 0.2700
\nAverage : 0.1761<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.18
\nBid-YTW : 7.67 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.29%, equivalent to 6.88% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.75%, 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-49008","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49008","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=49008"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49008\/revisions"}],"predecessor-version":[{"id":49010,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49008\/revisions\/49010"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}