{"id":50593,"date":"2019-07-24T11:29:00","date_gmt":"2019-07-24T15:29:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50593"},"modified":"2025-11-11T11:29:56","modified_gmt":"2025-11-11T16:29:56","slug":"july-24-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50593","title":{"rendered":"July 24, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.43%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now about 375bp, a slight (and perhaps spurious) narrowing from the 380bp reported July 17<\/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>\n1.0037 %<\/td>\n1,955.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0037 %<\/td>\n3,588.9<\/td>\n<\/tr>\n
Floater<\/td>\n6.11 %<\/td>\n6.26 %<\/td>\n37,051<\/td>\n13.51<\/td>\n4<\/td>\n1.0037 %<\/td>\n2,068.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0113 %<\/td>\n3,341.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.63 %<\/td>\n78,093<\/td>\n4.12<\/td>\n7<\/td>\n-0.0113 %<\/td>\n3,991.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0113 %<\/td>\n3,113.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.61 %<\/td>\n-18.11 %<\/td>\n56,843<\/td>\n0.09<\/td>\n7<\/td>\n0.1224 %<\/td>\n2,985.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.54 %<\/td>\n56,685<\/td>\n14.55<\/td>\n25<\/td>\n0.1246 %<\/td>\n3,124.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.41 %<\/td>\n5.25 %<\/td>\n164,740<\/td>\n14.97<\/td>\n69<\/td>\n0.0489 %<\/td>\n2,127.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.22 %<\/td>\n5.86 %<\/td>\n64,511<\/td>\n7.96<\/td>\n27<\/td>\n0.1019 %<\/td>\n3,118.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.05 %<\/td>\n4.24 %<\/td>\n38,737<\/td>\n2.43<\/td>\n4<\/td>\n-0.0264 %<\/td>\n2,353.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.13 %<\/td>\n3.80 %<\/td>\n164,271<\/td>\n1.90<\/td>\n17<\/td>\n0.0703 %<\/td>\n2,600.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n3.92 %<\/td>\n91,868<\/td>\n2.44<\/td>\n3<\/td>\n0.0695 %<\/td>\n2,657.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n7.33 %<\/td>\n85,027<\/td>\n8.04<\/td>\n22<\/td>\n-0.2225 %<\/td>\n2,172.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.71
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 11.55
\nEvaluated at bid price : 11.55
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 16.29
\nEvaluated at bid price : 16.29
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 19.48
\nEvaluated at bid price : 19.48
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.27
\nEvaluated at bid price : 20.27
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 18.77
\nEvaluated at bid price : 18.77
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Prem<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 11.95
\nEvaluated at bid price : 11.95
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.97
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.85
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.94
\nEvaluated at bid price : 20.94
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.76
\nEvaluated at bid price : 20.76
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 19.28
\nEvaluated at bid price : 19.28
\nBid-YTW : 5.19 %<\/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.B<\/td>\nDeemed-Retractible<\/td>\n151,443<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset Prem<\/td>\n145,595<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset Bank Non<\/td>\n142,500<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset Prem<\/td>\n133,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n59,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n56,939<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 18.16
\nEvaluated at bid price : 18.16
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
There were 40 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.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 19.15 – 19.78
\nSpot Rate : 0.6300
\nAverage : 0.4167<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 11.17 – 11.70
\nSpot Rate : 0.5300
\nAverage : 0.3321<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 11.17
\nEvaluated at bid price : 11.17
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.60 – 21.03
\nSpot Rate : 0.4300
\nAverage : 0.2911<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 15.17 – 15.74
\nSpot Rate : 0.5700
\nAverage : 0.4316<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 15.17
\nEvaluated at bid price : 15.17
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.76 – 18.23
\nSpot Rate : 0.4700
\nAverage : 0.3566<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-07-24
\nMaturity Price : 17.76
\nEvaluated at bid price : 17.76
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.97 – 17.33
\nSpot Rate : 0.3600
\nAverage : 0.2496<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.97
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.43%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is now about 375bp, …<\/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-50593","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50593","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=50593"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50593\/revisions"}],"predecessor-version":[{"id":50594,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50593\/revisions\/50594"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}