{"id":49682,"date":"2018-09-05T21:13:00","date_gmt":"2018-09-06T01:13:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49682"},"modified":"2025-08-22T21:14:18","modified_gmt":"2025-08-23T01:14:18","slug":"september-5-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49682","title":{"rendered":"September 5, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield about 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 325bp, unchanged from the figure reported August 29<\/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-0.0407 %<\/td>\n3,074.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0407 %<\/td>\n5,641.8<\/td>\n<\/tr>\n
Floater<\/td>\n3.51 %<\/td>\n3.74 %<\/td>\n40,658<\/td>\n17.89<\/td>\n4<\/td>\n-0.0407 %<\/td>\n3,251.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1661 %<\/td>\n3,241.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.43 %<\/td>\n52,699<\/td>\n4.84<\/td>\n5<\/td>\n0.1661 %<\/td>\n3,871.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1661 %<\/td>\n3,020.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-0.76 %<\/td>\n53,300<\/td>\n0.09<\/td>\n12<\/td>\n-0.0131 %<\/td>\n2,921.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.40 %<\/td>\n5.51 %<\/td>\n57,963<\/td>\n14.58<\/td>\n22<\/td>\n-0.2505 %<\/td>\n3,002.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.08 %<\/td>\n4.79 %<\/td>\n129,790<\/td>\n15.84<\/td>\n39<\/td>\n-0.2128 %<\/td>\n2,595.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n5.76 %<\/td>\n64,313<\/td>\n5.40<\/td>\n27<\/td>\n-0.0031 %<\/td>\n2,995.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.40 %<\/td>\n4.12 %<\/td>\n41,154<\/td>\n5.69<\/td>\n5<\/td>\n-0.1530 %<\/td>\n2,862.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.81 %<\/td>\n4.01 %<\/td>\n185,358<\/td>\n2.91<\/td>\n35<\/td>\n-0.1730 %<\/td>\n2,574.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n3.19 %<\/td>\n3.34 %<\/td>\n62,232<\/td>\n0.46<\/td>\n9<\/td>\n-0.0316 %<\/td>\n2,575.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.25 %<\/td>\n4.83 %<\/td>\n93,795<\/td>\n5.39<\/td>\n22<\/td>\n-0.0656 %<\/td>\n2,593.6<\/td>\n<\/tr>\n<\/table>\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
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.67
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Prem<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 23.16
\nEvaluated at bid price : 24.89
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 23.77
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.80 %<\/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
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n245,906<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 17.74
\nEvaluated at bid price : 17.74
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n127,410<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.83
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset Bank Non<\/td>\n109,191<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n104,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n103,770<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 22.92
\nEvaluated at bid price : 23.19
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n78,082<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
There were 24 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.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.46 – 21.96
\nSpot Rate : 0.5000
\nAverage : 0.3659<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.46
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 24.41 – 24.82
\nSpot Rate : 0.4100
\nAverage : 0.2849<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.41
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.90 – 22.35
\nSpot Rate : 0.4500
\nAverage : 0.3320<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.32 – 24.00
\nSpot Rate : 0.6800
\nAverage : 0.5707<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.32
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.67 – 23.05
\nSpot Rate : 0.3800
\nAverage : 0.2783<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.67
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.43 – 17.72
\nSpot Rate : 0.2900
\nAverage : 0.2170<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-05
\nMaturity Price : 17.43
\nEvaluated at bid price : 17.43
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard conversion factor of 1.3x. Long corporates now yield about 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about …<\/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-49682","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49682","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=49682"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49682\/revisions"}],"predecessor-version":[{"id":49683,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49682\/revisions\/49683"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}