{"id":50325,"date":"2019-05-08T22:35:00","date_gmt":"2019-05-09T02:35:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50325"},"modified":"2025-10-15T22:36:05","modified_gmt":"2025-10-16T02:36:05","slug":"may-8-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50325","title":{"rendered":"May 8, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.71%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now about 340bp, a slight (and perhaps spurious) widening from the 335bp reported May 1<\/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>\n0.0274 %<\/td>\n2,071.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0274 %<\/td>\n3,801.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.67 %<\/td>\n6.06 %<\/td>\n49,672<\/td>\n13.77<\/td>\n3<\/td>\n0.0274 %<\/td>\n2,190.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1642 %<\/td>\n3,297.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.67 %<\/td>\n4.81 %<\/td>\n80,592<\/td>\n4.27<\/td>\n7<\/td>\n0.1642 %<\/td>\n3,938.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1642 %<\/td>\n3,072.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.53 %<\/td>\n3.08 %<\/td>\n97,140<\/td>\n0.09<\/td>\n12<\/td>\n-0.0988 %<\/td>\n2,950.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.47 %<\/td>\n79,119<\/td>\n14.70<\/td>\n20<\/td>\n0.1896 %<\/td>\n3,111.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.27 %<\/td>\n5.37 %<\/td>\n167,946<\/td>\n14.92<\/td>\n63<\/td>\n-0.0729 %<\/td>\n2,179.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.22 %<\/td>\n5.82 %<\/td>\n100,141<\/td>\n8.07<\/td>\n27<\/td>\n0.1501 %<\/td>\n3,079.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.96 %<\/td>\n4.30 %<\/td>\n53,612<\/td>\n2.62<\/td>\n4<\/td>\n0.1540 %<\/td>\n2,406.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n3.81 %<\/td>\n259,827<\/td>\n2.14<\/td>\n21<\/td>\n-0.0461 %<\/td>\n2,581.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n3.96 %<\/td>\n155,024<\/td>\n2.64<\/td>\n3<\/td>\n-0.0695 %<\/td>\n2,645.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.04 %<\/td>\n6.85 %<\/td>\n99,696<\/td>\n8.19<\/td>\n22<\/td>\n-0.0138 %<\/td>\n2,235.5<\/td>\n<\/tr>\n<\/table>\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
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.60
\nBid-YTW : 9.13 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 12.86
\nEvaluated at bid price : 12.86
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.50
\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.05
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.65 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.03
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.86 %<\/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
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n103,000<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.50
\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n94,831<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n70,300<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n50,068<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.45
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n47,330<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n43,415<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 18.58
\nEvaluated at bid price : 18.58
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
There were 20 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
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.25 – 21.90
\nSpot Rate : 0.6500
\nAverage : 0.4508<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 19.98 – 20.33
\nSpot Rate : 0.3500
\nAverage : 0.2234<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 19.98
\nEvaluated at bid price : 19.98
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n

NA.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 21.60 – 22.00
\nSpot Rate : 0.4000
\nAverage : 0.2778<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 21.32
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.50 – 21.80
\nSpot Rate : 0.3000
\nAverage : 0.1859<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.71 – 23.23
\nSpot Rate : 0.5200
\nAverage : 0.4071<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.71
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n

NA.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.42 – 22.74
\nSpot Rate : 0.3200
\nAverage : 0.2186<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-05-08
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.42
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.71%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now about 340bp, …<\/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-50325","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50325","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=50325"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50325\/revisions"}],"predecessor-version":[{"id":50326,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50325\/revisions\/50326"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}