{"id":49447,"date":"2018-06-29T11:39:00","date_gmt":"2018-06-29T15:39:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49447"},"modified":"2025-08-18T11:40:04","modified_gmt":"2025-08-18T15:40:04","slug":"june-29-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49447","title":{"rendered":"June 29, 2018"},"content":{"rendered":"\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-0.2500 %<\/td>\n2,991.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2500 %<\/td>\n5,489.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.36 %<\/td>\n3.57 %<\/td>\n77,330<\/td>\n18.35<\/td>\n4<\/td>\n-0.2500 %<\/td>\n3,163.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0159 %<\/td>\n3,180.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.62 %<\/td>\n4.51 %<\/td>\n66,286<\/td>\n4.96<\/td>\n5<\/td>\n0.0159 %<\/td>\n3,798.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0159 %<\/td>\n2,963.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n-7.65 %<\/td>\n61,030<\/td>\n0.09<\/td>\n9<\/td>\n-0.1001 %<\/td>\n2,896.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.36 %<\/td>\n5.48 %<\/td>\n61,195<\/td>\n14.63<\/td>\n26<\/td>\n-0.0997 %<\/td>\n2,981.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.33 %<\/td>\n4.60 %<\/td>\n137,835<\/td>\n5.67<\/td>\n106<\/td>\n0.0014 %<\/td>\n2,536.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.15 %<\/td>\n5.85 %<\/td>\n70,218<\/td>\n5.52<\/td>\n27<\/td>\n-0.0967 %<\/td>\n2,967.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.06 %<\/td>\n3.67 %<\/td>\n35,536<\/td>\n3.43<\/td>\n9<\/td>\n0.1103 %<\/td>\n2,801.5<\/td>\n<\/tr>\n<\/table>\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.G<\/td>\nFixedReset<\/td>\n-5.19 %<\/td>\nA nonsensical quote from Nonsense Central, as this issue traded a whopping 1,000 shares in a ridiculous range of 23.77-29 (closing at the high) before being quoted at 23.00-24.40. <\/p>\n

I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.<\/p>\n

It’s a real shame that this moronic quote is being foisted on the public at the end of the second quarter. Fund valuators with more than one working brain cell, who therefore use bid-ask quotes rather than closing prices, will be forced to make a decision regarding what price to use for this issue, with a wide range of perfectly reasonable possibilities. That is, of course, assuming that they notice something odd about the quote, which is by no means assured.<\/p>\n

But who cares? It only affects retail investor scum. Fuck ’em. <\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.26
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.40
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 4.87 %<\/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
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n133,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n32,792<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.40
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n28,323<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n28,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.93
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset<\/td>\n20,440<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.99
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset<\/td>\n19,109<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.13
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
There were 8 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
MFC.PR.G<\/td>\nFixedReset<\/td>\nQuote: 23.00 – 24.40
\nSpot Rate : 1.4000
\nAverage : 0.7886<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset<\/td>\nQuote: 22.90 – 23.70
\nSpot Rate : 0.8000
\nAverage : 0.5172<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 22.54
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 16.90 – 17.61
\nSpot Rate : 0.7100
\nAverage : 0.4883<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset<\/td>\nQuote: 24.00 – 24.53
\nSpot Rate : 0.5300
\nAverage : 0.3176<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 19.05 – 19.60
\nSpot Rate : 0.5500
\nAverage : 0.3455<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-29
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 24.27 – 24.70
\nSpot Rate : 0.4300
\nAverage : 0.2604<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.27
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

HIMIPref™ Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref™ IndicesValues are provisional and are finalized monthly Index MeanCurrentYield(at bid) MedianYTW MedianAverageTradingValue MedianMod Dur(YTW) Issues Day’s Perf. Index Value Ratchet 0.00 % 0.00 …<\/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-49447","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49447","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=49447"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49447\/revisions"}],"predecessor-version":[{"id":49448,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49447\/revisions\/49448"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}