{"id":49761,"date":"2018-10-03T21:37:00","date_gmt":"2018-10-04T01:37:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49761"},"modified":"2025-08-25T21:38:07","modified_gmt":"2025-08-26T01:38:07","slug":"october-3-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49761","title":{"rendered":"October 3, 2018"},"content":{"rendered":"

PerpetualDiscounts now yield 5.58%, equivalent to 7.25% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.15%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread” is now about 310bp, a slight (and perhaps spurious) narrowing from the 315bp reported September 26<\/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>\n2.8135 %<\/td>\n3,219.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n2.8135 %<\/td>\n5,906.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.38 %<\/td>\n3.51 %<\/td>\n38,001<\/td>\n18.54<\/td>\n4<\/td>\n2.8135 %<\/td>\n3,404.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0159 %<\/td>\n3,228.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.61 %<\/td>\n4.70 %<\/td>\n54,230<\/td>\n4.76<\/td>\n5<\/td>\n-0.0159 %<\/td>\n3,855.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0159 %<\/td>\n3,007.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n-4.09 %<\/td>\n48,852<\/td>\n0.09<\/td>\n12<\/td>\n-0.0164 %<\/td>\n2,926.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.58 %<\/td>\n61,410<\/td>\n14.47<\/td>\n21<\/td>\n0.1509 %<\/td>\n3,005.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.15 %<\/td>\n4.98 %<\/td>\n130,568<\/td>\n15.47<\/td>\n43<\/td>\n0.2326 %<\/td>\n2,605.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n6.08 %<\/td>\n58,368<\/td>\n5.33<\/td>\n27<\/td>\n-0.0298 %<\/td>\n2,990.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.43 %<\/td>\n3.55 %<\/td>\n41,009<\/td>\n5.63<\/td>\n4<\/td>\n0.3215 %<\/td>\n2,886.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.84 %<\/td>\n3.81 %<\/td>\n219,218<\/td>\n2.83<\/td>\n34<\/td>\n0.0743 %<\/td>\n2,580.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n3.19 %<\/td>\n3.69 %<\/td>\n67,579<\/td>\n0.39<\/td>\n9<\/td>\n0.0769 %<\/td>\n2,578.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.30 %<\/td>\n5.05 %<\/td>\n87,467<\/td>\n5.40<\/td>\n22<\/td>\n0.0366 %<\/td>\n2,603.8<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.68
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.98
\nEvaluated at bid price : 24.46
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.38
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.94
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.66
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n3.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n4.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 18.54
\nEvaluated at bid price : 18.54
\nBid-YTW : 3.51 %<\/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 Disc<\/td>\n142,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.26
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n137,620<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n130,393<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.04
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n91,158<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n76,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.31
\nEvaluated at bid price : 24.41
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Prem<\/td>\n73,298<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
There were 33 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
BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 17.80 – 18.80
\nSpot Rate : 1.0000
\nAverage : 0.6279<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 18.45 – 19.45
\nSpot Rate : 1.0000
\nAverage : 0.6506<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 24.11 – 24.75
\nSpot Rate : 0.6400
\nAverage : 0.4047<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.03 – 25.54
\nSpot Rate : 0.5100
\nAverage : 0.2861<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.68 – 24.50
\nSpot Rate : 0.8200
\nAverage : 0.6375<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.68
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 21.95 – 22.49
\nSpot Rate : 0.5400
\nAverage : 0.3595<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-10-03
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.58%, equivalent to 7.25% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.15%, 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-49761","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49761","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=49761"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49761\/revisions"}],"predecessor-version":[{"id":49762,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49761\/revisions\/49762"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}