{"id":49103,"date":"2018-01-31T11:03:00","date_gmt":"2018-01-31T16:03:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49103"},"modified":"2025-08-06T11:04:38","modified_gmt":"2025-08-06T15:04:38","slug":"january-31-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49103","title":{"rendered":"January 31, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.27%, equivalent to 6.85% 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 300bp, a slight (and perhaps spurious) widening from the 295bp reported January 31<\/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>\n1.4970 %<\/td>\n2,900.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.4970 %<\/td>\n5,322.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.43 %<\/td>\n3.60 %<\/td>\n48,538<\/td>\n18.27<\/td>\n4<\/td>\n1.4970 %<\/td>\n3,067.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0389 %<\/td>\n3,148.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.36 %<\/td>\n68,022<\/td>\n4.14<\/td>\n5<\/td>\n-0.0389 %<\/td>\n3,759.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0389 %<\/td>\n2,933.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n-1.97 %<\/td>\n65,098<\/td>\n0.09<\/td>\n18<\/td>\n0.0573 %<\/td>\n2,871.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.28 %<\/td>\n5.27 %<\/td>\n70,590<\/td>\n15.03<\/td>\n16<\/td>\n0.0561 %<\/td>\n3,010.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.20 %<\/td>\n4.47 %<\/td>\n151,082<\/td>\n3.82<\/td>\n101<\/td>\n0.0674 %<\/td>\n2,542.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n5.44 %<\/td>\n84,097<\/td>\n5.80<\/td>\n28<\/td>\n-0.0798 %<\/td>\n2,955.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.03 %<\/td>\n2.91 %<\/td>\n41,188<\/td>\n3.76<\/td>\n10<\/td>\n0.1339 %<\/td>\n2,778.5<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.F<\/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 : 18.97
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.86
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.82
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.90
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 19.87
\nEvaluated at bid price : 19.87
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.18
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 21.24
\nEvaluated at bid price : 21.24
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 23.86
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 16.86
\nEvaluated at bid price : 16.86
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 3.60 %<\/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
BNS.PR.P<\/td>\nFixedReset<\/td>\n251,984<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset<\/td>\n192,908<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.87
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset<\/td>\n168,525<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n104,200<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset<\/td>\n79,735<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset<\/td>\n77,722<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.17
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
There were 23 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
EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.60 – 26.55
\nSpot Rate : 0.9500
\nAverage : 0.5855<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.60 – 25.99
\nSpot Rate : 0.3900
\nAverage : 0.2528<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-04-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.80 – 24.50
\nSpot Rate : 0.7000
\nAverage : 0.5814<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 18.97 – 19.37
\nSpot Rate : 0.4000
\nAverage : 0.2918<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.97
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n

RY.PR.L<\/td>\nFixedReset<\/td>\nQuote: 25.20 – 25.49
\nSpot Rate : 0.2900
\nAverage : 0.1849<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n

PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.51 – 24.79
\nSpot Rate : 0.2800
\nAverage : 0.1790<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-31
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.51
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.27%, equivalent to 6.85% 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-49103","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49103","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=49103"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49103\/revisions"}],"predecessor-version":[{"id":49104,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49103\/revisions\/49104"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}