{"id":49489,"date":"2018-07-13T21:04:00","date_gmt":"2018-07-14T01:04:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49489"},"modified":"2025-08-19T21:04:48","modified_gmt":"2025-08-20T01:04:48","slug":"july-13-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49489","title":{"rendered":"July 13, 2018"},"content":{"rendered":"<p>&#8230; and now it&#8217;s time for <a href=\"http:\/\/www.prefletter.com\/\">PrefLetter<\/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>0.8530 %<\/td>\n<td>3,151.7<\/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>0.8530 %<\/td>\n<td>5,783.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.42 %<\/td>\n<td>3.64 %<\/td>\n<td>68,786<\/td>\n<td>18.23<\/td>\n<td>4<\/td>\n<td>0.8530 %<\/td>\n<td>3,332.9<\/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>-0.2768 %<\/td>\n<td>3,186.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.61 %<\/td>\n<td>4.54 %<\/td>\n<td>61,528<\/td>\n<td>4.92<\/td>\n<td>5<\/td>\n<td>-0.2768 %<\/td>\n<td>3,805.4<\/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>-0.2768 %<\/td>\n<td>2,969.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.64 %<\/td>\n<td>-15.44 %<\/td>\n<td>60,963<\/td>\n<td>0.09<\/td>\n<td>9<\/td>\n<td>-0.0044 %<\/td>\n<td>2,906.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.38 %<\/td>\n<td>5.48 %<\/td>\n<td>54,569<\/td>\n<td>14.69<\/td>\n<td>26<\/td>\n<td>0.1035 %<\/td>\n<td>2,985.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.30 %<\/td>\n<td>4.58 %<\/td>\n<td>132,763<\/td>\n<td>4.17<\/td>\n<td>106<\/td>\n<td>0.0813 %<\/td>\n<td>2,560.5<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.14 %<\/td>\n<td>5.93 %<\/td>\n<td>64,706<\/td>\n<td>5.48<\/td>\n<td>27<\/td>\n<td>0.1828 %<\/td>\n<td>2,970.6<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.28 %<\/td>\n<td>3.73 %<\/td>\n<td>32,884<\/td>\n<td>3.38<\/td>\n<td>9<\/td>\n<td>0.0691 %<\/td>\n<td>2,840.3<\/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>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>-1.09 %<\/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 : 23.50<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 23.30<br \/>\nEvaluated at bid price : 23.68<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 17.89<br \/>\nEvaluated at bid price : 17.89<br \/>\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>1.30 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.79 %<\/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 : 19.85<br \/>\nBid-YTW : 7.60 %<\/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>RY.PR.W<\/td>\n<td>Perpetual-Discount<\/td>\n<td>222,825<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 24.49<br \/>\nEvaluated at bid price : 24.72<br \/>\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.W<\/td>\n<td>FixedReset<\/td>\n<td>50,591<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 22.68<br \/>\nEvaluated at bid price : 23.12<br \/>\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.F<\/td>\n<td>FixedReset<\/td>\n<td>28,494<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 24.54<br \/>\nEvaluated at bid price : 24.86<br \/>\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>27,568<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 23.23<br \/>\nEvaluated at bid price : 23.75<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>21,207<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 23.21<br \/>\nEvaluated at bid price : 25.20<br \/>\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n<tr>\n<td>EMA.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>19,036<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2023-08-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.65<br \/>\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 14 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.PF.I<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.00 &#8211; 27.00<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.5836<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.00<br \/>\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 19.30 &#8211; 19.97<br \/>\nSpot Rate  :  0.6700<br \/>\nAverage  :  0.4196<\/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 : 19.30<br \/>\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.99 &#8211; 25.52<br \/>\nSpot Rate  :  0.5300<br \/>\nAverage  :  0.3249<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 24.52<br \/>\nEvaluated at bid price : 24.99<br \/>\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.89 &#8211; 26.33<br \/>\nSpot Rate  :  0.4400<br \/>\nAverage  :  0.2641<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.89<br \/>\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 20.65 &#8211; 21.00<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2178<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-07-13<br \/>\nMaturity Price  : 20.65<br \/>\nEvaluated at bid price : 20.65<br \/>\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.50 &#8211; 26.00<br \/>\nSpot Rate  :  0.5000<br \/>\nAverage  :  0.4037<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2024-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>&#8230; and now it&#8217;s time for PrefLetter! HIMIPref&trade; Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref&trade; IndicesValues are provisional and are finalized monthly Index MeanCurrentYield(at bid) MedianYTW MedianAverageTradingValue MedianMod Dur(YTW) Issues Day&#8217;s &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-49489","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49489","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=49489"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49489\/revisions"}],"predecessor-version":[{"id":49490,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49489\/revisions\/49490"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}