{"id":49579,"date":"2018-08-08T21:59:00","date_gmt":"2018-08-09T01:59:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49579"},"modified":"2025-08-21T22:00:12","modified_gmt":"2025-08-22T02:00:12","slug":"august-8-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49579","title":{"rendered":"August 8, 2018"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.53%, equivalent to 7.19% interest at the standard equivalency factor of 1.3x. <a href=\"https:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield a little over 4.00%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 320bp, unchanged from <a href=\"http:\/\/prefblog.com\/?p=36986\">August 1<\/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>0.3350 %<\/td>\n<td>3,124.3<\/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>0.3350 %<\/td>\n<td>5,733.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.46 %<\/td>\n<td>3.65 %<\/td>\n<td>53,614<\/td>\n<td>18.15<\/td>\n<td>4<\/td>\n<td>0.3350 %<\/td>\n<td>3,303.9<\/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>-0.0551 %<\/td>\n<td>3,211.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.57 %<\/td>\n<td>4.38 %<\/td>\n<td>47,761<\/td>\n<td>4.85<\/td>\n<td>5<\/td>\n<td>-0.0551 %<\/td>\n<td>3,835.0<\/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>-0.0551 %<\/td>\n<td>2,992.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.62 %<\/td>\n<td>-11.09 %<\/td>\n<td>59,610<\/td>\n<td>0.09<\/td>\n<td>10<\/td>\n<td>-0.0157 %<\/td>\n<td>2,912.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.40 %<\/td>\n<td>5.53 %<\/td>\n<td>56,651<\/td>\n<td>14.60<\/td>\n<td>25<\/td>\n<td>0.0138 %<\/td>\n<td>2,986.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.29 %<\/td>\n<td>4.74 %<\/td>\n<td>128,026<\/td>\n<td>3.84<\/td>\n<td>107<\/td>\n<td>0.1093 %<\/td>\n<td>2,576.2<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.14 %<\/td>\n<td>5.98 %<\/td>\n<td>55,704<\/td>\n<td>5.41<\/td>\n<td>26<\/td>\n<td>0.0793 %<\/td>\n<td>2,976.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.35 %<\/td>\n<td>3.55 %<\/td>\n<td>30,735<\/td>\n<td>5.74<\/td>\n<td>7<\/td>\n<td>-0.0521 %<\/td>\n<td>2,837.8<\/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>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>-1.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 17.70<br \/>\nEvaluated at bid price : 17.70<br \/>\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 23.26<br \/>\nEvaluated at bid price : 23.95<br \/>\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 21.34<br \/>\nEvaluated at bid price : 21.34<br \/>\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td> 8.87 %<\/td>\n<td>Mostly reversing <a href=\"http:\/\/prefblog.com\/?p=37007\">yesterday<\/a>&#8216;s reported loss of 4.93% &#8211; but still basically flat on the month-to-date.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.08<br \/>\nBid-YTW : 5.94 %<\/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>BNS.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>103,721<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-07-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.39<br \/>\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.C<\/td>\n<td>FixedReset<\/td>\n<td>103,642<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 23.51<br \/>\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>103,312<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 22.89<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>101,375<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 22.81<br \/>\nEvaluated at bid price : 23.09<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>99,086<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 23.48<br \/>\nEvaluated at bid price : 23.75<br \/>\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>90,822<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.62<br \/>\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 31 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>CM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.06 &#8211; 23.35<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.1904<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 22.64<br \/>\nEvaluated at bid price : 23.06<br \/>\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n<tr>\n<td>EIT.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.24 &#8211; 25.59<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2639<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2024-03-14<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.24<br \/>\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.11 &#8211; 25.40<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.2072<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2023-03-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.11<br \/>\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n<tr>\n<td>EMA.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.55 &#8211; 25.85<br \/>\nSpot Rate  :  0.3000<br \/>\nAverage  :  0.2202<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2023-08-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.55<br \/>\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.60 &#8211; 23.89<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.2109<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 23.06<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.H<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 17.17 &#8211; 17.43<br \/>\nSpot Rate  :  0.2600<br \/>\nAverage  :  0.1843<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2048-08-08<br \/>\nMaturity Price  : 17.17<br \/>\nEvaluated at bid price : 17.17<br \/>\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.53%, equivalent to 7.19% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 4.00%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is &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-49579","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49579","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=49579"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49579\/revisions"}],"predecessor-version":[{"id":49580,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49579\/revisions\/49580"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}