{"id":50764,"date":"2019-09-17T21:52:00","date_gmt":"2019-09-18T01:52:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50764"},"modified":"2025-11-17T21:52:57","modified_gmt":"2025-11-18T02:52:57","slug":"september-17-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50764","title":{"rendered":"September 17, 2019"},"content":{"rendered":"

Nerves<\/a>?<\/p>\n

\n

The U.S. Federal Reserve on Tuesday injected billions into the financial system in an effort to calm money markets that have been roiled since Monday, as lending dwindled partly due to huge payments for taxes and bond supply.<\/p>\n

The chaos in money markets added to Fed policymakers\u2019 list of concerns that is already heavy on risks from U.S.-China trade tensions, a weakening global economy and sluggish domestic inflation.
…<\/b>
At one point on Tuesday, overnight borrowing costs in the $2.2 trillion repurchase agreement market spiked to as high as 10%.<\/p>\n

In the repo market, banks and Wall Street dealers use securities as collateral to obtain cash from money market funds and other cash investors.<\/p>\n

Another alarming signal was a jump in the average federal funds rate, which the central bank aims to influence. It reached 2.25% on Monday, which matched the upper end of the Fed\u2019s current target range and was a move not seen since the height of global credit crisis more than a decade ago.<\/p>\n<\/blockquote>\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>\n0.4100 %<\/td>\n1,920.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4100 %<\/td>\n3,524.6<\/td>\n<\/tr>\n
Floater<\/td>\n6.27 %<\/td>\n6.43 %<\/td>\n58,759<\/td>\n13.32<\/td>\n4<\/td>\n0.4100 %<\/td>\n2,031.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0620 %<\/td>\n3,383.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.59 %<\/td>\n58,924<\/td>\n4.02<\/td>\n7<\/td>\n0.0620 %<\/td>\n4,040.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0620 %<\/td>\n3,152.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.61 %<\/td>\n-16.26 %<\/td>\n66,160<\/td>\n0.09<\/td>\n6<\/td>\n-0.0065 %<\/td>\n2,984.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.57 %<\/td>\n65,032<\/td>\n14.47<\/td>\n28<\/td>\n0.2405 %<\/td>\n3,152.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.53 %<\/td>\n5.59 %<\/td>\n174,233<\/td>\n14.30<\/td>\n73<\/td>\n-0.4497 %<\/td>\n2,073.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.25 %<\/td>\n5.86 %<\/td>\n73,403<\/td>\n7.90<\/td>\n27<\/td>\n0.1526 %<\/td>\n3,135.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.50 %<\/td>\n6.70 %<\/td>\n57,367<\/td>\n8.04<\/td>\n3<\/td>\n-0.3318 %<\/td>\n2,361.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.25 %<\/td>\n3.98 %<\/td>\n131,687<\/td>\n1.60<\/td>\n14<\/td>\n-0.0585 %<\/td>\n2,584.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n4.29 %<\/td>\n86,947<\/td>\n2.29<\/td>\n3<\/td>\n0.0554 %<\/td>\n2,669.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.44 %<\/td>\n7.90 %<\/td>\n108,753<\/td>\n7.89<\/td>\n21<\/td>\n-0.3906 %<\/td>\n2,123.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 12.76
\nEvaluated at bid price : 12.76
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.78
\nBid-YTW : 10.69 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.36
\nEvaluated at bid price : 17.36
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 16.85
\nEvaluated at bid price : 16.85
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.59
\nEvaluated at bid price : 17.59
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.40
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.46
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 11.75
\nEvaluated at bid price : 11.75
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.08
\nEvaluated at bid price : 17.08
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 19.99
\nEvaluated at bid price : 19.99
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 11.57
\nEvaluated at bid price : 11.57
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 19.74
\nEvaluated at bid price : 19.74
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
MFC.PR.M<\/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 : 16.05
\nBid-YTW : 9.37 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.31
\nBid-YTW : 10.57 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.64
\nEvaluated at bid price : 17.64
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 21.76
\nEvaluated at bid price : 21.76
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.58
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 10.56
\nEvaluated at bid price : 10.56
\nBid-YTW : 6.57 %<\/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
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n102,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n53,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 12.76
\nEvaluated at bid price : 12.76
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n52,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 21.24
\nEvaluated at bid price : 21.24
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n47,920<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.05
\nBid-YTW : 9.37 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n42,235<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset Prem<\/td>\n39,969<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
There were 27 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
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.70 – 16.30
\nSpot Rate : 0.6000
\nAverage : 0.3716<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 15.70
\nEvaluated at bid price : 15.70
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.96 – 19.49
\nSpot Rate : 0.5300
\nAverage : 0.3491<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.96
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 18.10 – 18.65
\nSpot Rate : 0.5500
\nAverage : 0.4031<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 17.22 – 17.65
\nSpot Rate : 0.4300
\nAverage : 0.2955<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n

RY.PR.J<\/td>\nFixedReset Disc<\/td>\nQuote: 18.81 – 19.25
\nSpot Rate : 0.4400
\nAverage : 0.3220<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 17.00 – 17.38
\nSpot Rate : 0.3800
\nAverage : 0.2632<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-17
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nerves? The U.S. Federal Reserve on Tuesday injected billions into the financial system in an effort to calm money markets that have been roiled since Monday, as lending dwindled partly due to huge payments for …<\/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-50764","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50764","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=50764"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50764\/revisions"}],"predecessor-version":[{"id":50765,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50764\/revisions\/50765"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}