{"id":49059,"date":"2018-01-17T20:52:00","date_gmt":"2018-01-18T01:52:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49059"},"modified":"2025-08-05T20:53:39","modified_gmt":"2025-08-06T00:53:39","slug":"january-17-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49059","title":{"rendered":"January 17, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.30%, equivalent to 6.89% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 3.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 305bp, a significant widening from the 295bp reported January 10<\/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>\n1.5855 %<\/td>\n2,893.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.5855 %<\/td>\n5,309.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.18 %<\/td>\n3.31 %<\/td>\n35,275<\/td>\n18.97<\/td>\n4<\/td>\n1.5855 %<\/td>\n3,060.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1169 %<\/td>\n3,149.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.07 %<\/td>\n60,088<\/td>\n3.40<\/td>\n5<\/td>\n0.1169 %<\/td>\n3,761.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1169 %<\/td>\n2,934.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.38 %<\/td>\n1.10 %<\/td>\n61,993<\/td>\n0.09<\/td>\n18<\/td>\n0.0701 %<\/td>\n2,853.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.33 %<\/td>\n5.30 %<\/td>\n74,034<\/td>\n14.94<\/td>\n16<\/td>\n0.1645 %<\/td>\n2,983.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.20 %<\/td>\n4.44 %<\/td>\n140,325<\/td>\n4.10<\/td>\n98<\/td>\n0.1686 %<\/td>\n2,524.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.08 %<\/td>\n5.42 %<\/td>\n78,611<\/td>\n5.84<\/td>\n28<\/td>\n0.1010 %<\/td>\n2,938.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.03 %<\/td>\n2.87 %<\/td>\n40,279<\/td>\n1.01<\/td>\n10<\/td>\n0.3134 %<\/td>\n2,768.7<\/td>\n<\/tr>\n<\/table>\n\n\n\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
BAM.PF.I<\/td>\nFixedReset<\/td>\n-3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 23.44
\nEvaluated at bid price : 23.89
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 20.83
\nEvaluated at bid price : 20.83
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 17.11
\nEvaluated at bid price : 17.11
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.05
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 16.98
\nEvaluated at bid price : 16.98
\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.08
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 3.76 %<\/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
TD.PF.H<\/td>\nFixedReset<\/td>\n140,015<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n133,904<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.87
\nBid-YTW : 2.57 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset<\/td>\n74,522<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n67,151<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 23.22
\nEvaluated at bid price : 23.64
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n53,876<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.05
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n49,136<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 18.42
\nEvaluated at bid price : 18.42
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
There were 24 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
BAM.PF.I<\/td>\nFixedReset<\/td>\nQuote: 25.27 – 26.15
\nSpot Rate : 0.8800
\nAverage : 0.5060<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.01 – 25.44
\nSpot Rate : 0.4300
\nAverage : 0.3232<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 20.27 – 20.52
\nSpot Rate : 0.2500
\nAverage : 0.1586<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.27
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n

BAM.PF.H<\/td>\nFixedReset<\/td>\nQuote: 26.24 – 26.55
\nSpot Rate : 0.3100
\nAverage : 0.2283<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.24
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 18.74 – 18.94
\nSpot Rate : 0.2000
\nAverage : 0.1395<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.74
\nBid-YTW : 7.46 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset<\/td>\nQuote: 20.72 – 21.00
\nSpot Rate : 0.2800
\nAverage : 0.2196<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-17
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.30%, equivalent to 6.89% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about …<\/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-49059","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49059","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=49059"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49059\/revisions"}],"predecessor-version":[{"id":49060,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49059\/revisions\/49060"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}