{"id":50454,"date":"2019-06-26T11:26:00","date_gmt":"2019-06-26T15:26:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50454"},"modified":"2025-10-29T11:27:08","modified_gmt":"2025-10-29T15:27:08","slug":"june-26-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50454","title":{"rendered":"June 26, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.60%, equivalent to 7.28% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.42%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now 385bp, a slight (and perhaps spurious) narrowing from the 390bp reported June 19<\/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>\n1.9079 %<\/td>\n1,921.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.9079 %<\/td>\n3,525.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.16 %<\/td>\n6.43 %<\/td>\n75,160<\/td>\n13.29<\/td>\n3<\/td>\n1.9079 %<\/td>\n2,031.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1252 %<\/td>\n3,307.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.81 %<\/td>\n80,115<\/td>\n4.20<\/td>\n7<\/td>\n-0.1252 %<\/td>\n3,950.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1252 %<\/td>\n3,082.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.61 %<\/td>\n-11.81 %<\/td>\n71,746<\/td>\n0.09<\/td>\n7<\/td>\n0.1628 %<\/td>\n2,954.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.49 %<\/td>\n5.60 %<\/td>\n60,372<\/td>\n14.46<\/td>\n26<\/td>\n0.1367 %<\/td>\n3,081.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.53 %<\/td>\n5.37 %<\/td>\n165,128<\/td>\n14.71<\/td>\n70<\/td>\n0.2518 %<\/td>\n2,067.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.27 %<\/td>\n5.95 %<\/td>\n72,560<\/td>\n8.01<\/td>\n27<\/td>\n0.1835 %<\/td>\n3,084.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.08 %<\/td>\n4.61 %<\/td>\n51,562<\/td>\n2.49<\/td>\n4<\/td>\n0.0530 %<\/td>\n2,336.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.11 %<\/td>\n3.92 %<\/td>\n183,812<\/td>\n1.82<\/td>\n16<\/td>\n-0.0921 %<\/td>\n2,581.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n4.08 %<\/td>\n142,363<\/td>\n2.51<\/td>\n3<\/td>\n-0.1666 %<\/td>\n2,646.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.36 %<\/td>\n7.56 %<\/td>\n91,824<\/td>\n8.08<\/td>\n22<\/td>\n0.4316 %<\/td>\n2,121.6<\/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\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
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 12.27
\nEvaluated at bid price : 12.27
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Disc<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.79
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.49
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 13.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 12.30
\nEvaluated at bid price : 12.30
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.61
\nBid-YTW : 8.59 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 20.87
\nEvaluated at bid price : 20.87
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 19.02
\nEvaluated at bid price : 19.02
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.85
\nEvaluated at bid price : 16.85
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 13.70
\nEvaluated at bid price : 13.70
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.32 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.95
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.88 %<\/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 : 9.58 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 12.15
\nEvaluated at bid price : 12.15
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 10.80
\nEvaluated at bid price : 10.80
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 11.35
\nEvaluated at bid price : 11.35
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.95
\nBid-YTW : 9.40 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n3.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 12.15
\nEvaluated at bid price : 12.15
\nBid-YTW : 5.90 %<\/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
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n106,400<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.02
\nBid-YTW : 7.97 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n70,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n66,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n54,699<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 15.69
\nEvaluated at bid price : 15.69
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset Ins Non<\/td>\n54,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n50,700<\/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 : 9.58 %<\/td>\n<\/tr>\n
There were 39 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.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 17.86 – 18.49
\nSpot Rate : 0.6300
\nAverage : 0.3695<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n

BAM.PF.I<\/td>\nFixedReset Disc<\/td>\nQuote: 23.80 – 24.44
\nSpot Rate : 0.6400
\nAverage : 0.3875<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n

BIP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 22.45 – 22.95
\nSpot Rate : 0.5000
\nAverage : 0.3414<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

BMO.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 16.55 – 16.90
\nSpot Rate : 0.3500
\nAverage : 0.2279<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 16.26 – 16.60
\nSpot Rate : 0.3400
\nAverage : 0.2194<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 19.02 – 19.40
\nSpot Rate : 0.3800
\nAverage : 0.2646<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-26
\nMaturity Price : 19.02
\nEvaluated at bid price : 19.02
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.60%, equivalent to 7.28% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.42%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now 385bp, a …<\/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-50454","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50454","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=50454"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50454\/revisions"}],"predecessor-version":[{"id":50455,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50454\/revisions\/50455"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}