{"id":49654,"date":"2018-09-14T20:47:00","date_gmt":"2018-09-15T00:47:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49654"},"modified":"2025-08-22T20:49:02","modified_gmt":"2025-08-23T00:49:02","slug":"september-14-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49654","title":{"rendered":"September 14, 2018"},"content":{"rendered":"

To my astonishment, the media have not picked up on the Hydro One downgrade I mentioned yesterday<\/a>. Have we entered the Trump-zone, in which repercussions from old idiocies are overwhelmed by contemplation of new idiocies?<\/p>\n\n\n\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-1.4768 %<\/td>\n3,050.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.4768 %<\/td>\n5,597.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.56 %<\/td>\n3.70 %<\/td>\n40,494<\/td>\n18.09<\/td>\n4<\/td>\n-1.4768 %<\/td>\n3,225.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2378 %<\/td>\n3,222.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.62 %<\/td>\n4.61 %<\/td>\n57,275<\/td>\n4.81<\/td>\n5<\/td>\n-0.2378 %<\/td>\n3,848.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2378 %<\/td>\n3,002.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n1.22 %<\/td>\n50,968<\/td>\n0.13<\/td>\n12<\/td>\n-0.1934 %<\/td>\n2,914.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.53 %<\/td>\n55,010<\/td>\n14.54<\/td>\n22<\/td>\n-0.4223 %<\/td>\n2,992.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.17 %<\/td>\n4.99 %<\/td>\n136,445<\/td>\n15.58<\/td>\n41<\/td>\n-0.2400 %<\/td>\n2,572.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n5.86 %<\/td>\n60,256<\/td>\n5.38<\/td>\n27<\/td>\n-0.3347 %<\/td>\n2,990.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.36 %<\/td>\n4.03 %<\/td>\n38,847<\/td>\n5.67<\/td>\n5<\/td>\n-0.3063 %<\/td>\n2,855.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.84 %<\/td>\n4.05 %<\/td>\n167,322<\/td>\n2.88<\/td>\n35<\/td>\n0.0391 %<\/td>\n2,566.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n3.19 %<\/td>\n3.92 %<\/td>\n63,736<\/td>\n3.13<\/td>\n9<\/td>\n-0.0677 %<\/td>\n2,570.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.32 %<\/td>\n5.25 %<\/td>\n93,848<\/td>\n5.46<\/td>\n22<\/td>\n-0.4986 %<\/td>\n2,562.0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\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
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-6.83 %<\/td>\nA nonsensical quote from Nonsense Central, as this issue traded 600 shares today, all at 22.35 before being quoted at 20.46-22.35 by the Exchange. <\/p>\n

I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.46
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-5.11 %<\/td>\nA nonsensical quote from Nonsense Central, as this issue traded 2,200 shares today in a range of 19.85-98 before being quoted at 18.93-19.93 by the Exchange. <\/p>\n

I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.93
\nBid-YTW : 8.22 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-4.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.44
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-4.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-3.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-3.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 16.88
\nEvaluated at bid price : 16.88
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-3.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 22.83
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 16.81
\nEvaluated at bid price : 16.81
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 20.19
\nEvaluated at bid price : 20.19
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Premium<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 24.50
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.70
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.78
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.58
\nBid-YTW : 8.24 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 24.37
\nEvaluated at bid price : 24.76
\nBid-YTW : 5.12 %<\/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
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n207,708<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.94
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BNS.PR.G<\/td>\nFixedReset Prem<\/td>\n153,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.42
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n72,935<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Prem<\/td>\n49,584<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n42,414<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 24.08
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n20,676<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.22
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
There were 4 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
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.46 – 22.35
\nSpot Rate : 1.8900
\nAverage : 1.1300<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.46
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 24.00 – 25.00
\nSpot Rate : 1.0000
\nAverage : 0.5425<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 22.83
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.59 – 26.59
\nSpot Rate : 1.0000
\nAverage : 0.5451<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-14
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.59
\nBid-YTW : -13.22 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.85 – 24.85
\nSpot Rate : 1.0000
\nAverage : 0.5499<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.00 – 23.05
\nSpot Rate : 1.0500
\nAverage : 0.6054<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-14
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 20.44 – 21.44
\nSpot Rate : 1.0000
\nAverage : 0.5713<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.44
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

To my astonishment, the media have not picked up on the Hydro One downgrade I mentioned yesterday. Have we entered the Trump-zone, in which repercussions from old idiocies are overwhelmed by contemplation of new idiocies? …<\/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-49654","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49654","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=49654"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49654\/revisions"}],"predecessor-version":[{"id":49655,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49654\/revisions\/49655"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}