{"id":49660,"date":"2018-09-12T20:53:00","date_gmt":"2018-09-13T00:53:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49660"},"modified":"2025-08-22T20:54:12","modified_gmt":"2025-08-23T00:54:12","slug":"september-12-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49660","title":{"rendered":"September 12, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.53%, equivalent to 7.19% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield just a hair under 4.00%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 320bp, a slight (and perhaps spurious) narrowing from the 325bp reported September 5<\/a>.<\/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-0.6280 %<\/td>\n3,037.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6280 %<\/td>\n5,572.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.56 %<\/td>\n3.78 %<\/td>\n37,825<\/td>\n17.81<\/td>\n4<\/td>\n-0.6280 %<\/td>\n3,211.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1505 %<\/td>\n3,227.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.61 %<\/td>\n4.61 %<\/td>\n58,400<\/td>\n4.82<\/td>\n5<\/td>\n-0.1505 %<\/td>\n3,853.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1505 %<\/td>\n3,006.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-1.38 %<\/td>\n50,174<\/td>\n0.14<\/td>\n12<\/td>\n-0.0197 %<\/td>\n2,918.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.40 %<\/td>\n5.53 %<\/td>\n58,764<\/td>\n14.54<\/td>\n22<\/td>\n0.0216 %<\/td>\n3,003.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.13 %<\/td>\n4.94 %<\/td>\n129,886<\/td>\n15.69<\/td>\n40<\/td>\n0.0292 %<\/td>\n2,578.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n5.94 %<\/td>\n63,012<\/td>\n5.38<\/td>\n27<\/td>\n0.0110 %<\/td>\n2,996.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.33 %<\/td>\n3.98 %<\/td>\n40,660<\/td>\n5.69<\/td>\n5<\/td>\n0.2264 %<\/td>\n2,854.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.84 %<\/td>\n4.23 %<\/td>\n175,425<\/td>\n3.09<\/td>\n35<\/td>\n0.0514 %<\/td>\n2,563.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n3.19 %<\/td>\n3.96 %<\/td>\n66,549<\/td>\n3.14<\/td>\n9<\/td>\n0.0181 %<\/td>\n2,571.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.30 %<\/td>\n5.17 %<\/td>\n96,511<\/td>\n5.45<\/td>\n22<\/td>\n-0.1734 %<\/td>\n2,565.0<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.A<\/td>\nFloater<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.01
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.32
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 23.54
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.90
\nBid-YTW : 7.28 %<\/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
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n414,753<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.88
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Prem<\/td>\n162,093<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n90,223<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.47
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Prem<\/td>\n59,365<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n54,070<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset Prem<\/td>\n52,961<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
There were 23 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.P<\/td>\nFixedReset Disc<\/td>\nQuote: 23.05 – 23.60
\nSpot Rate : 0.5500
\nAverage : 0.3789<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 22.61
\nEvaluated at bid price : 23.05
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset Prem<\/td>\nQuote: 24.50 – 25.00
\nSpot Rate : 0.5000
\nAverage : 0.3381<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 17.22 – 17.85
\nSpot Rate : 0.6300
\nAverage : 0.4909<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.20 – 23.55
\nSpot Rate : 0.3500
\nAverage : 0.2164<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.41 – 21.96
\nSpot Rate : 0.5500
\nAverage : 0.4167<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.41
\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n

HSE.PR.C<\/td>\nFixedReset Prem<\/td>\nQuote: 24.58 – 25.08
\nSpot Rate : 0.5000
\nAverage : 0.3685<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-12
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.58
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.53%, equivalent to 7.19% interest at the standard equivalency factor of 1.3x. Long corporates now yield just a hair under 4.00%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) …<\/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-49660","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49660","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=49660"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49660\/revisions"}],"predecessor-version":[{"id":49661,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49660\/revisions\/49661"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}