{"id":49119,"date":"2018-01-24T11:18:00","date_gmt":"2018-01-24T16:18:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49119"},"modified":"2025-08-06T11:19:05","modified_gmt":"2025-08-06T15:19:05","slug":"january-24-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49119","title":{"rendered":"January 24, 2018"},"content":{"rendered":"

Well, here’s one way to compete in the financial industry<\/a>:<\/p>\n

\n

When Edward Jones broker Paul Betenbaugh in California wanted to exact revenge on a rival, he went too far. He impersonated the competitor and posted ads on the Internet that solicited men for sexual encounters, according to a Tuesday order from the Financial Industry Regulatory Authority. The ads included the other broker\u2019s business cell phone number, resulting in a number of unwanted calls and text messages, Finra said.<\/p>\n<\/blockquote>\n

PerpetualDiscounts now yield 5.24%, equivalent to 6.81% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 385bp, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 295bp, a significant narrowing from the 305bp reported January 17<\/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>\n-0.0267 %<\/td>\n2,881.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0267 %<\/td>\n5,286.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.45 %<\/td>\n3.60 %<\/td>\n40,187<\/td>\n18.30<\/td>\n4<\/td>\n-0.0267 %<\/td>\n3,046.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1471 %<\/td>\n3,161.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.11 %<\/td>\n66,550<\/td>\n3.38<\/td>\n5<\/td>\n-0.1471 %<\/td>\n3,776.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1471 %<\/td>\n2,946.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.37 %<\/td>\n-2.28 %<\/td>\n68,527<\/td>\n0.09<\/td>\n18<\/td>\n-0.0072 %<\/td>\n2,864.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.29 %<\/td>\n5.24 %<\/td>\n70,346<\/td>\n15.01<\/td>\n16<\/td>\n0.1258 %<\/td>\n3,004.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.21 %<\/td>\n4.50 %<\/td>\n144,687<\/td>\n4.04<\/td>\n101<\/td>\n-0.0610 %<\/td>\n2,531.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n5.50 %<\/td>\n83,537<\/td>\n5.82<\/td>\n28<\/td>\n0.1414 %<\/td>\n2,954.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.04 %<\/td>\n2.92 %<\/td>\n41,391<\/td>\n3.78<\/td>\n10<\/td>\n-0.0043 %<\/td>\n2,769.3<\/td>\n<\/tr>\n<\/table>\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.M<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.08 %<\/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>\n133,135<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset<\/td>\n129,274<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset<\/td>\n86,785<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset<\/td>\n53,519<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n52,627<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.45
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nDeemed-Retractible<\/td>\n33,695<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-02-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : -13.70 %<\/td>\n<\/tr>\n
There were 38 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
PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 19.45 – 20.00
\nSpot Rate : 0.5500
\nAverage : 0.3724<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 24.00 – 24.48
\nSpot Rate : 0.4800
\nAverage : 0.3077<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 18.95 – 19.47
\nSpot Rate : 0.5200
\nAverage : 0.3792<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.95
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.44 – 22.88
\nSpot Rate : 0.4400
\nAverage : 0.3118<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.44
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 22.01 – 22.30
\nSpot Rate : 0.2900
\nAverage : 0.1907<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.02 – 24.30
\nSpot Rate : 0.2800
\nAverage : 0.1837<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-01-24
\nMaturity Price : 23.71
\nEvaluated at bid price : 24.02
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Well, here’s one way to compete in the financial industry: When Edward Jones broker Paul Betenbaugh in California wanted to exact revenge on a rival, he went too far. He impersonated the competitor and posted …<\/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-49119","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49119","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=49119"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49119\/revisions"}],"predecessor-version":[{"id":49120,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49119\/revisions\/49120"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}