{"id":50893,"date":"2019-10-09T21:57:00","date_gmt":"2019-10-10T01:57:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50893"},"modified":"2025-11-21T21:58:22","modified_gmt":"2025-11-22T02:58:22","slug":"october-9-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50893","title":{"rendered":"October 9, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.38%, equivalent to 6.99% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.18%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously) to 380bp from the 385bp reported October 2<\/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>\n0.8529 %<\/td>\n1,855.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8529 %<\/td>\n3,403.9<\/td>\n<\/tr>\n
Floater<\/td>\n6.50 %<\/td>\n6.69 %<\/td>\n44,102<\/td>\n12.95<\/td>\n4<\/td>\n0.8529 %<\/td>\n1,961.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1069 %<\/td>\n3,392.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n4.56 %<\/td>\n57,212<\/td>\n3.96<\/td>\n7<\/td>\n0.1069 %<\/td>\n4,050.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1069 %<\/td>\n3,160.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.50 %<\/td>\n-21.76 %<\/td>\n60,592<\/td>\n0.09<\/td>\n8<\/td>\n0.3996 %<\/td>\n3,021.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.38 %<\/td>\n72,422<\/td>\n14.70<\/td>\n25<\/td>\n0.3697 %<\/td>\n3,197.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.72 %<\/td>\n5.49 %<\/td>\n162,629<\/td>\n14.65<\/td>\n66<\/td>\n0.1363 %<\/td>\n2,052.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.21 %<\/td>\n5.77 %<\/td>\n67,391<\/td>\n7.86<\/td>\n27<\/td>\n0.0867 %<\/td>\n3,160.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.51 %<\/td>\n6.99 %<\/td>\n81,458<\/td>\n12.57<\/td>\n2<\/td>\n0.3162 %<\/td>\n2,320.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.15 %<\/td>\n4.11 %<\/td>\n161,816<\/td>\n1.71<\/td>\n20<\/td>\n0.0210 %<\/td>\n2,594.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n4.09 %<\/td>\n82,512<\/td>\n2.24<\/td>\n3<\/td>\n-0.0277 %<\/td>\n2,678.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.55 %<\/td>\n8.01 %<\/td>\n101,644<\/td>\n7.86<\/td>\n21<\/td>\n0.2312 %<\/td>\n2,079.7<\/td>\n<\/tr>\n<\/table>\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
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.83
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 10.35
\nEvaluated at bid price : 10.35
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.23
\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 10.43
\nEvaluated at bid price : 10.43
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.95
\nBid-YTW : 8.62 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.60
\nBid-YTW : 8.33 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.89
\nBid-YTW : 7.86 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.20
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 10.35
\nEvaluated at bid price : 10.35
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-04-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 17.92
\nEvaluated at bid price : 17.92
\nBid-YTW : 5.66 %<\/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>\n344,000<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.31
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n106,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n55,600<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.23
\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset Disc<\/td>\n50,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 22.38
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n47,109<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset Prem<\/td>\n47,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.82
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
There were 37 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
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.01 – 24.38
\nSpot Rate : 0.3700
\nAverage : 0.2286<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.15 – 23.53
\nSpot Rate : 0.3800
\nAverage : 0.2719<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.15
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 16.93 – 17.27
\nSpot Rate : 0.3400
\nAverage : 0.2368<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 16.93
\nEvaluated at bid price : 16.93
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 22.01 – 22.50
\nSpot Rate : 0.4900
\nAverage : 0.3881<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 21.72
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

CM.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 15.70 – 16.00
\nSpot Rate : 0.3000
\nAverage : 0.2071<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 15.70
\nEvaluated at bid price : 15.70
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 17.85 – 18.25
\nSpot Rate : 0.4000
\nAverage : 0.3076<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-09
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.38%, equivalent to 6.99% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.18%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and …<\/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-50893","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50893","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=50893"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50893\/revisions"}],"predecessor-version":[{"id":50894,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50893\/revisions\/50894"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}