{"id":49479,"date":"2018-07-18T20:54:00","date_gmt":"2018-07-19T00:54:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49479"},"modified":"2025-08-19T20:55:39","modified_gmt":"2025-08-20T00:55:39","slug":"july-18-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49479","title":{"rendered":"July 18, 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 about 3.82%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 335bp, a significant widening from the 325bp reported July 11<\/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-1.2202 %<\/td>\n3,102.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.2202 %<\/td>\n5,692.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.48 %<\/td>\n3.69 %<\/td>\n68,463<\/td>\n18.11<\/td>\n4<\/td>\n-1.2202 %<\/td>\n3,280.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0079 %<\/td>\n3,201.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.55 %<\/td>\n58,582<\/td>\n4.91<\/td>\n5<\/td>\n0.0079 %<\/td>\n3,822.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0079 %<\/td>\n2,982.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n-13.95 %<\/td>\n61,600<\/td>\n0.09<\/td>\n9<\/td>\n0.0087 %<\/td>\n2,906.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.38 %<\/td>\n5.51 %<\/td>\n56,848<\/td>\n14.66<\/td>\n26<\/td>\n-0.0886 %<\/td>\n2,984.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.30 %<\/td>\n4.60 %<\/td>\n129,253<\/td>\n4.27<\/td>\n106<\/td>\n0.0601 %<\/td>\n2,559.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n5.87 %<\/td>\n64,734<\/td>\n5.47<\/td>\n27<\/td>\n-0.1817 %<\/td>\n2,977.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.29 %<\/td>\n3.87 %<\/td>\n33,868<\/td>\n3.37<\/td>\n9<\/td>\n-0.2122 %<\/td>\n2,831.9<\/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
BAM.PR.B<\/td>\nFloater<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 17.66
\nEvaluated at bid price : 17.66
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 17.66
\nEvaluated at bid price : 17.66
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 17.68
\nEvaluated at bid price : 17.68
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.74
\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.75
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.01
\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n4.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.64 %<\/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
BNS.PR.F<\/td>\nFloatingReset<\/td>\n277,700<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n201,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.63
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Premium<\/td>\n120,401<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.58
\nBid-YTW : -23.09 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n112,433<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.13
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n100,436<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 23.47
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n99,739<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
There were 26 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
CM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.04 – 25.38
\nSpot Rate : 0.3400
\nAverage : 0.2006<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 17.65 – 18.05
\nSpot Rate : 0.4000
\nAverage : 0.2996<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

TRP.PR.H<\/td>\nFloatingReset<\/td>\nQuote: 17.20 – 17.55
\nSpot Rate : 0.3500
\nAverage : 0.2596<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 21.48 – 21.91
\nSpot Rate : 0.4300
\nAverage : 0.3432<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.48
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 24.24 – 24.54
\nSpot Rate : 0.3000
\nAverage : 0.2205<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 23.19
\nEvaluated at bid price : 24.24
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 22.80 – 23.15
\nSpot Rate : 0.3500
\nAverage : 0.2711<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-18
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.66 %<\/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 about 3.82%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about …<\/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-49479","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49479","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=49479"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49479\/revisions"}],"predecessor-version":[{"id":49480,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49479\/revisions\/49480"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}