{"id":50869,"date":"2019-10-23T21:14:00","date_gmt":"2019-10-24T01:14:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50869"},"modified":"2025-11-21T21:14:39","modified_gmt":"2025-11-22T02:14:39","slug":"october-23-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50869","title":{"rendered":"October 23, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.41%, equivalent to 7.03% 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) remains at the 360bp reported October 16<\/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>\n0.9530 %<\/td>\n1,938.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9530 %<\/td>\n3,557.4<\/td>\n<\/tr>\n
Floater<\/td>\n6.21 %<\/td>\n6.36 %<\/td>\n48,191<\/td>\n13.37<\/td>\n4<\/td>\n0.9530 %<\/td>\n2,050.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0844 %<\/td>\n3,392.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.58 %<\/td>\n51,229<\/td>\n3.93<\/td>\n7<\/td>\n0.0844 %<\/td>\n4,051.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0844 %<\/td>\n3,161.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.51 %<\/td>\n-19.34 %<\/td>\n59,420<\/td>\n0.09<\/td>\n8<\/td>\n0.0217 %<\/td>\n3,025.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.37 %<\/td>\n5.41 %<\/td>\n67,806<\/td>\n14.75<\/td>\n25<\/td>\n0.1153 %<\/td>\n3,227.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.63 %<\/td>\n5.75 %<\/td>\n169,859<\/td>\n14.29<\/td>\n66<\/td>\n-0.0618 %<\/td>\n2,087.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.20 %<\/td>\n5.75 %<\/td>\n65,595<\/td>\n7.84<\/td>\n27<\/td>\n0.1361 %<\/td>\n3,172.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.31 %<\/td>\n6.81 %<\/td>\n85,073<\/td>\n12.76<\/td>\n2<\/td>\n-0.2658 %<\/td>\n2,401.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.14 %<\/td>\n3.99 %<\/td>\n161,214<\/td>\n1.67<\/td>\n20<\/td>\n0.1230 %<\/td>\n2,604.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.96 %<\/td>\n4.36 %<\/td>\n87,702<\/td>\n2.20<\/td>\n3<\/td>\n0.0830 %<\/td>\n2,685.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.45 %<\/td>\n8.21 %<\/td>\n112,363<\/td>\n7.75<\/td>\n21<\/td>\n0.1825 %<\/td>\n2,119.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 11.17
\nEvaluated at bid price : 11.17
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 13.27
\nEvaluated at bid price : 13.27
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 15.81
\nEvaluated at bid price : 15.81
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 17.36
\nEvaluated at bid price : 17.36
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
MFC.PR.R<\/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 : 24.36
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 11.70
\nEvaluated at bid price : 11.70
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.08
\nBid-YTW : 7.98 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.03
\nBid-YTW : 9.64 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 12.93
\nEvaluated at bid price : 12.93
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 13.21
\nEvaluated at bid price : 13.21
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.50
\nBid-YTW : 11.21 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 11.62
\nEvaluated at bid price : 11.62
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 10.88
\nEvaluated at bid price : 10.88
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 11.05 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.03
\nBid-YTW : 10.86 %<\/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
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n132,587<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n84,734<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 15.05
\nEvaluated at bid price : 15.05
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n68,041<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n47,835<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nDeemed-Retractible<\/td>\n42,325<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-11-22
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : -10.22 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n34,155<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-11-22
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : -9.76 %<\/td>\n<\/tr>\n
There were 38 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
GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.81 – 26.48
\nSpot Rate : 0.6700
\nAverage : 0.3946<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-11-22
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.81
\nBid-YTW : -26.51 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 17.14 – 17.67
\nSpot Rate : 0.5300
\nAverage : 0.3182<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 17.14
\nEvaluated at bid price : 17.14
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 17.54 – 18.00
\nSpot Rate : 0.4600
\nAverage : 0.3183<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 17.54
\nEvaluated at bid price : 17.54
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.28 – 17.79
\nSpot Rate : 0.5100
\nAverage : 0.3718<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.28
\nBid-YTW : 8.83 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 16.14 – 16.59
\nSpot Rate : 0.4500
\nAverage : 0.3282<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 16.14
\nEvaluated at bid price : 16.14
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n

BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 18.90 – 19.20
\nSpot Rate : 0.3000
\nAverage : 0.1983<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-23
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.41%, equivalent to 7.03% 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) remains at the 360bp …<\/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-50869","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50869","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=50869"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50869\/revisions"}],"predecessor-version":[{"id":50870,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50869\/revisions\/50870"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}