{"id":49285,"date":"2018-04-18T20:56:00","date_gmt":"2018-04-19T00:56:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49285"},"modified":"2025-08-13T20:56:45","modified_gmt":"2025-08-14T00:56:45","slug":"april-18-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49285","title":{"rendered":"April 18, 2018"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.41%, equivalent to 7.03% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 310bp, a slight (and perhaps spurious) narrowing from the 315bp reported <a href=\"https:\/\/prefblog.com\/?p=36517\">April 11<\/a>.<\/p>\n<table border=\"1\">\n<tr>\n<td colspan=\"8\"><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.1886 %<\/td>\n<td>2,992.1<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.1886 %<\/td>\n<td>5,490.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.34 %<\/td>\n<td>3.54 %<\/td>\n<td>97,351<\/td>\n<td>18.44<\/td>\n<td>4<\/td>\n<td>1.1886 %<\/td>\n<td>3,164.1<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0715 %<\/td>\n<td>3,148.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.62 %<\/td>\n<td>4.58 %<\/td>\n<td>78,321<\/td>\n<td>5.10<\/td>\n<td>5<\/td>\n<td>0.0715 %<\/td>\n<td>3,759.9<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0715 %<\/td>\n<td>2,933.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.54 %<\/td>\n<td>-11.94 %<\/td>\n<td>75,376<\/td>\n<td>0.09<\/td>\n<td>11<\/td>\n<td>0.1431 %<\/td>\n<td>2,880.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.37 %<\/td>\n<td>5.41 %<\/td>\n<td>65,683<\/td>\n<td>14.81<\/td>\n<td>24<\/td>\n<td>0.0587 %<\/td>\n<td>2,958.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.30 %<\/td>\n<td>4.70 %<\/td>\n<td>159,504<\/td>\n<td>4.35<\/td>\n<td>104<\/td>\n<td>0.2155 %<\/td>\n<td>2,518.4<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.12 %<\/td>\n<td>5.69 %<\/td>\n<td>85,037<\/td>\n<td>5.65<\/td>\n<td>28<\/td>\n<td>-0.0703 %<\/td>\n<td>2,951.0<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.02 %<\/td>\n<td>2.86 %<\/td>\n<td>32,356<\/td>\n<td>3.59<\/td>\n<td>11<\/td>\n<td>0.2215 %<\/td>\n<td>2,766.7<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 17.08<br \/>\nEvaluated at bid price : 17.08<br \/>\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 21.83<br \/>\nEvaluated at bid price : 22.33<br \/>\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.93<br \/>\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 21.85<br \/>\nEvaluated at bid price : 22.38<br \/>\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 21.15<br \/>\nEvaluated at bid price : 21.15<br \/>\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 17.15<br \/>\nEvaluated at bid price : 17.15<br \/>\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>124,214<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 22.36<br \/>\nEvaluated at bid price : 22.78<br \/>\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n<tr>\n<td>EIT.PR.B<\/td>\n<td>SplitShare<\/td>\n<td>96,665<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2025-03-14<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>80,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>60,255<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.93<br \/>\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>56,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 22.27<br \/>\nEvaluated at bid price : 22.69<br \/>\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Deemed-Retractible<\/td>\n<td>54,541<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.04<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 19 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"3\"><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 20.47 &#8211; 20.80<br \/>\nSpot Rate  :  0.3300<br \/>\nAverage  :  0.2110<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 20.47<br \/>\nEvaluated at bid price : 20.47<br \/>\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.93 &#8211; 23.21<br \/>\nSpot Rate  :  0.2800<br \/>\nAverage  :  0.1856<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.93<br \/>\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.36 &#8211; 23.61<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1700<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.36<br \/>\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.E<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 24.41 &#8211; 24.64<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1670<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.41<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.94 &#8211; 23.18<br \/>\nSpot Rate  :  0.2400<br \/>\nAverage  :  0.1780<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.94<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 19.78 &#8211; 20.05<br \/>\nSpot Rate  :  0.2700<br \/>\nAverage  :  0.2109<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-04-18<br \/>\nMaturity Price  : 19.78<br \/>\nEvaluated at bid price : 19.78<br \/>\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.41%, equivalent to 7.03% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about &hellip;<\/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-49285","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49285","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=49285"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49285\/revisions"}],"predecessor-version":[{"id":49286,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49285\/revisions\/49286"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}