{"id":50939,"date":"2019-11-20T21:19:00","date_gmt":"2019-11-21T02:19:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50939"},"modified":"2025-11-24T21:20:36","modified_gmt":"2025-11-25T02:20:36","slug":"november-20-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50939","title":{"rendered":"November 20, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.36%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 370bp from the 360bp reported November 13<\/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>\n-0.3779 %<\/td>\n1,958.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3779 %<\/td>\n3,594.3<\/td>\n<\/tr>\n
Floater<\/td>\n6.17 %<\/td>\n6.33 %<\/td>\n45,304<\/td>\n13.35<\/td>\n4<\/td>\n-0.3779 %<\/td>\n2,071.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0785 %<\/td>\n3,404.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.59 %<\/td>\n47,986<\/td>\n3.85<\/td>\n7<\/td>\n0.0785 %<\/td>\n4,066.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0785 %<\/td>\n3,172.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n-20.57 %<\/td>\n46,522<\/td>\n0.09<\/td>\n10<\/td>\n0.1372 %<\/td>\n3,040.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.43 %<\/td>\n70,044<\/td>\n14.73<\/td>\n25<\/td>\n0.0744 %<\/td>\n3,251.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.60 %<\/td>\n5.63 %<\/td>\n182,382<\/td>\n14.37<\/td>\n66<\/td>\n-0.1566 %<\/td>\n2,101.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n5.59 %<\/td>\n63,764<\/td>\n7.77<\/td>\n27<\/td>\n0.0858 %<\/td>\n3,202.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.19 %<\/td>\n6.76 %<\/td>\n108,601<\/td>\n12.77<\/td>\n2<\/td>\n-0.5908 %<\/td>\n2,460.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.13 %<\/td>\n3.84 %<\/td>\n119,110<\/td>\n1.60<\/td>\n20<\/td>\n-0.1328 %<\/td>\n2,617.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n4.06 %<\/td>\n74,107<\/td>\n2.13<\/td>\n3<\/td>\n0.0000 %<\/td>\n2,689.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.46 %<\/td>\n8.13 %<\/td>\n121,078<\/td>\n7.84<\/td>\n22<\/td>\n-0.5259 %<\/td>\n2,138.0<\/td>\n<\/tr>\n<\/table>\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
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
SLF.PR.G<\/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 : 13.35
\nBid-YTW : 10.48 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.35
\nBid-YTW : 11.19 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.42
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Prem<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.32
\nBid-YTW : 8.60 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 11.58
\nEvaluated at bid price : 11.58
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 16.62
\nEvaluated at bid price : 16.62
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 16.91
\nEvaluated at bid price : 16.91
\nBid-YTW : 5.56 %<\/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
TRP.PR.F<\/td>\nFloatingReset<\/td>\n172,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 13.52
\nEvaluated at bid price : 13.52
\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n167,802<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 13.70
\nEvaluated at bid price : 13.70
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n129,127<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n95,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 15.97
\nEvaluated at bid price : 15.97
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n48,390<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.46
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n40,200<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.42
\nBid-YTW : 8.45 %<\/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
EML.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.65 – 26.12
\nSpot Rate : 0.4700
\nAverage : 0.3110<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n

EMA.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.60 – 17.98
\nSpot Rate : 0.3800
\nAverage : 0.2678<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.42 – 18.80
\nSpot Rate : 0.3800
\nAverage : 0.2694<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.42
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n

PVS.PR.F<\/td>\nSplitShare<\/td>\nQuote: 25.50 – 25.89
\nSpot Rate : 0.3900
\nAverage : 0.2885<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 18.11 – 18.39
\nSpot Rate : 0.2800
\nAverage : 0.1829<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 18.83 – 19.15
\nSpot Rate : 0.3200
\nAverage : 0.2288<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-20
\nMaturity Price : 18.83
\nEvaluated at bid price : 18.83
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.36%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 370bp …<\/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-50939","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50939","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=50939"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50939\/revisions"}],"predecessor-version":[{"id":50940,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50939\/revisions\/50940"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}