{"id":49518,"date":"2018-07-30T11:46:00","date_gmt":"2018-07-30T15:46:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49518"},"modified":"2025-08-20T11:47:48","modified_gmt":"2025-08-20T15:47:48","slug":"july-30-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49518","title":{"rendered":"July 30, 2018"},"content":{"rendered":"

Who remembers Jesse Litvak? I last discussed his case on December 23, 2015<\/a>; basically, he was charged with fraud for acting like a bond salesman. It was one of the more ridiculous persecutions to emerge from the hysterical witch hunt that followed the credit crunch … and now it’s over<\/a>:<\/p>\n

\n

Federal prosecutors moved to dismiss criminal charges against former Jefferies Group LLC managing director Jesse Litvak, whose two convictions for fraud were both overturned by a federal appeals court.<\/p>\n

Litvak\u2019s arrest five years ago put traders on notice that they could face criminal prosecution for making misrepresentations to customers while negotiating trades, sending shock waves through Wall Street and leading to the resignations and suspensions of dozens of traders.<\/p>\n

The traders argued that they were dealing with sophisticated investors who knew not to accept their every sales pitch as gospel.<\/p>\n<\/blockquote>\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>\n0.6800 %<\/td>\n3,088.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6800 %<\/td>\n5,667.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.50 %<\/td>\n3.72 %<\/td>\n59,957<\/td>\n18.02<\/td>\n4<\/td>\n0.6800 %<\/td>\n3,266.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0237 %<\/td>\n3,203.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.62 %<\/td>\n52,094<\/td>\n4.88<\/td>\n5<\/td>\n-0.0237 %<\/td>\n3,825.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0237 %<\/td>\n2,984.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n-14.03 %<\/td>\n62,079<\/td>\n0.09<\/td>\n9<\/td>\n0.0349 %<\/td>\n2,914.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.38 %<\/td>\n5.51 %<\/td>\n55,731<\/td>\n14.63<\/td>\n26<\/td>\n0.0608 %<\/td>\n2,985.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.28 %<\/td>\n4.60 %<\/td>\n128,271<\/td>\n3.80<\/td>\n106<\/td>\n0.0833 %<\/td>\n2,573.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n5.96 %<\/td>\n60,426<\/td>\n5.43<\/td>\n27<\/td>\n0.0656 %<\/td>\n2,976.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.25 %<\/td>\n3.51 %<\/td>\n33,332<\/td>\n3.34<\/td>\n9<\/td>\n0.2523 %<\/td>\n2,838.8<\/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.Q<\/td>\nFixedReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.24
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.73
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.04
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.70
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 17.76
\nEvaluated at bid price : 17.76
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.48
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 17.29
\nEvaluated at bid price : 17.29
\nBid-YTW : 3.95 %<\/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
BMO.PR.T<\/td>\nFixedReset<\/td>\n48,987<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.41
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n43,050<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 23.54
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n23,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 22.77
\nEvaluated at bid price : 23.19
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
BNS.PR.G<\/td>\nFixedReset<\/td>\n21,851<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.33
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n20,111<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.66
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n18,979<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.81
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
There were 5 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
HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.03 – 18.67
\nSpot Rate : 0.6400
\nAverage : 0.3583<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 18.03
\nEvaluated at bid price : 18.03
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 24.85 – 25.35
\nSpot Rate : 0.5000
\nAverage : 0.2998<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.14 – 24.53
\nSpot Rate : 0.3900
\nAverage : 0.2246<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.14
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 21.48 – 22.00
\nSpot Rate : 0.5200
\nAverage : 0.3766<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.48
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 24.80 – 25.13
\nSpot Rate : 0.3300
\nAverage : 0.2340<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 22.78 – 23.09
\nSpot Rate : 0.3100
\nAverage : 0.2200<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-30
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.78
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Who remembers Jesse Litvak? I last discussed his case on December 23, 2015; basically, he was charged with fraud for acting like a bond salesman. It was one of the more ridiculous persecutions to emerge …<\/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-49518","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49518","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=49518"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49518\/revisions"}],"predecessor-version":[{"id":49519,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49518\/revisions\/49519"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}