{"id":49453,"date":"2018-06-27T11:43:00","date_gmt":"2018-06-27T15:43:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49453"},"modified":"2025-08-18T11:44:39","modified_gmt":"2025-08-18T15:44:39","slug":"june-27-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49453","title":{"rendered":"June 27, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little under 3.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 335bp, a slight (and perhaps spurious) narrowing from the 340bp reported June 20<\/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>\n0.2794 %<\/td>\n2,989.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2794 %<\/td>\n5,485.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.36 %<\/td>\n3.57 %<\/td>\n73,393<\/td>\n18.35<\/td>\n4<\/td>\n0.2794 %<\/td>\n3,161.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1274 %<\/td>\n3,177.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.62 %<\/td>\n4.61 %<\/td>\n65,965<\/td>\n4.97<\/td>\n5<\/td>\n0.1274 %<\/td>\n3,794.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1274 %<\/td>\n2,960.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.61 %<\/td>\n-10.87 %<\/td>\n62,055<\/td>\n0.09<\/td>\n9<\/td>\n0.1089 %<\/td>\n2,894.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.36 %<\/td>\n5.51 %<\/td>\n62,194<\/td>\n14.62<\/td>\n26<\/td>\n0.2081 %<\/td>\n2,977.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.32 %<\/td>\n4.61 %<\/td>\n143,333<\/td>\n5.67<\/td>\n106<\/td>\n0.0639 %<\/td>\n2,535.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.15 %<\/td>\n5.77 %<\/td>\n71,316<\/td>\n5.53<\/td>\n27<\/td>\n0.3400 %<\/td>\n2,966.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.05 %<\/td>\n3.72 %<\/td>\n34,192<\/td>\n3.42<\/td>\n9<\/td>\n0.0050 %<\/td>\n2,797.2<\/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
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.80
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 4.75 %<\/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
EMA.PR.H<\/td>\nFixedReset<\/td>\n110,128<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n104,670<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 24.50
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n74,441<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n52,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n51,964<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.32
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n44,336<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
There were 16 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.Z<\/td>\nFixedReset<\/td>\nQuote: 24.60 – 24.85
\nSpot Rate : 0.2500
\nAverage : 0.1841<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 21.25 – 21.54
\nSpot Rate : 0.2900
\nAverage : 0.2248<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 2.86 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 19.28 – 19.49
\nSpot Rate : 0.2100
\nAverage : 0.1556<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 19.28
\nEvaluated at bid price : 19.28
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n

TD.PF.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.80 – 24.96
\nSpot Rate : 0.1600
\nAverage : 0.1081<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n

BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.60 – 21.82
\nSpot Rate : 0.2200
\nAverage : 0.1729<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-27
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

RY.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.18 – 25.33
\nSpot Rate : 0.1500
\nAverage : 0.1039<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-07-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 0.72 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.80%, 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-49453","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49453","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=49453"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49453\/revisions"}],"predecessor-version":[{"id":49455,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49453\/revisions\/49455"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}