{"id":49166,"date":"2018-02-28T10:28:00","date_gmt":"2018-02-28T15:28:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49166"},"modified":"2025-08-08T10:29:41","modified_gmt":"2025-08-08T14:29:41","slug":"february-28-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49166","title":{"rendered":"February 28, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little over 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 315bp, a sharp widening from the 300bp reported February 21<\/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>\n2.7426 %<\/td>\n3,066.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n2.7426 %<\/td>\n5,626.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.24 %<\/td>\n3.45 %<\/td>\n102,761<\/td>\n18.57<\/td>\n4<\/td>\n2.7426 %<\/td>\n3,242.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2205 %<\/td>\n3,157.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.07 %<\/td>\n62,502<\/td>\n3.32<\/td>\n5<\/td>\n0.2205 %<\/td>\n3,770.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2205 %<\/td>\n2,942.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n5.05 %<\/td>\n77,646<\/td>\n14.35<\/td>\n20<\/td>\n-0.0420 %<\/td>\n2,825.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.43 %<\/td>\n86,305<\/td>\n14.72<\/td>\n14<\/td>\n-0.1900 %<\/td>\n2,936.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.24 %<\/td>\n4.57 %<\/td>\n166,005<\/td>\n4.27<\/td>\n102<\/td>\n0.1690 %<\/td>\n2,524.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n5.73 %<\/td>\n92,658<\/td>\n5.78<\/td>\n28<\/td>\n0.0030 %<\/td>\n2,907.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.94 %<\/td>\n2.90 %<\/td>\n36,532<\/td>\n3.70<\/td>\n10<\/td>\n0.1458 %<\/td>\n2,773.6<\/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
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 18.56
\nEvaluated at bid price : 18.56
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 17.63
\nEvaluated at bid price : 17.63
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n3.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 17.67
\nEvaluated at bid price : 17.67
\nBid-YTW : 3.45 %<\/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
MFC.PR.Q<\/td>\nFixedReset<\/td>\n124,465<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset<\/td>\n52,173<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
W.PR.M<\/td>\nFixedReset<\/td>\n41,930<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n41,900<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n21,800<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n21,160<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
There were 17 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.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.30 – 21.69
\nSpot Rate : 0.3900
\nAverage : 0.2625<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.01 – 23.56
\nSpot Rate : 0.5500
\nAverage : 0.4426<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.00 – 22.37
\nSpot Rate : 0.3700
\nAverage : 0.2710<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.40 – 23.70
\nSpot Rate : 0.3000
\nAverage : 0.2117<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-02-28
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset<\/td>\nQuote: 25.11 – 25.32
\nSpot Rate : 0.2100
\nAverage : 0.1271<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.67 – 24.91
\nSpot Rate : 0.2400
\nAverage : 0.1589<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.67
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.90%, 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-49166","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49166","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=49166"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49166\/revisions"}],"predecessor-version":[{"id":49167,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49166\/revisions\/49167"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}