{"id":50980,"date":"2019-11-13T22:32:00","date_gmt":"2019-11-14T03:32:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50980"},"modified":"2025-11-24T22:33:23","modified_gmt":"2025-11-25T03:33:23","slug":"november-13-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50980","title":{"rendered":"November 13, 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 3.47%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed sharply to 360bp from the 375bp reported November 6<\/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>\n0.2435 %<\/td>\n1,978.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2435 %<\/td>\n3,631.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.11 %<\/td>\n6.30 %<\/td>\n47,122<\/td>\n13.41<\/td>\n4<\/td>\n0.2435 %<\/td>\n2,092.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0168 %<\/td>\n3,404.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.54 %<\/td>\n48,678<\/td>\n3.87<\/td>\n7<\/td>\n0.0168 %<\/td>\n4,065.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0168 %<\/td>\n3,171.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.56 %<\/td>\n-18.34 %<\/td>\n51,484<\/td>\n0.09<\/td>\n10<\/td>\n0.1060 %<\/td>\n3,034.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.32 %<\/td>\n5.43 %<\/td>\n69,866<\/td>\n14.75<\/td>\n25<\/td>\n0.0121 %<\/td>\n3,245.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.57 %<\/td>\n5.75 %<\/td>\n176,255<\/td>\n14.31<\/td>\n66<\/td>\n-0.0637 %<\/td>\n2,110.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n5.58 %<\/td>\n62,001<\/td>\n7.79<\/td>\n27<\/td>\n-0.0094 %<\/td>\n3,195.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.10 %<\/td>\n10.39 %<\/td>\n68,418<\/td>\n7.89<\/td>\n2<\/td>\n-0.8677 %<\/td>\n2,506.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.10 %<\/td>\n3.71 %<\/td>\n146,907<\/td>\n1.62<\/td>\n20<\/td>\n-0.0195 %<\/td>\n2,626.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.96 %<\/td>\n4.24 %<\/td>\n80,811<\/td>\n2.15<\/td>\n3<\/td>\n0.1383 %<\/td>\n2,690.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.39 %<\/td>\n8.24 %<\/td>\n114,116<\/td>\n7.79<\/td>\n22<\/td>\n-0.5119 %<\/td>\n2,148.7<\/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
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 13.56
\nEvaluated at bid price : 13.56
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.09
\nBid-YTW : 7.96 %<\/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 : 12.98
\nBid-YTW : 10.77 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.76
\nBid-YTW : 8.85 %<\/td>\n<\/tr>\n
SLF.PR.G<\/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 : 13.67
\nBid-YTW : 10.27 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.31
\nBid-YTW : 8.86 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.55
\nBid-YTW : 10.08 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 11.94
\nEvaluated at bid price : 11.94
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 11.33
\nEvaluated at bid price : 11.33
\nBid-YTW : 6.31 %<\/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
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n260,201<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n99,878<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n79,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 18.15
\nEvaluated at bid price : 18.15
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n55,936<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n50,706<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 21.08
\nEvaluated at bid price : 21.08
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n48,847<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 17.32
\nEvaluated at bid price : 17.32
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
There were 46 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
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.51 – 24.20
\nSpot Rate : 0.6900
\nAverage : 0.4749<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 23.21
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

BMO.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.01 – 22.45
\nSpot Rate : 0.4400
\nAverage : 0.2996<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

BNS.PR.I<\/td>\nFixedReset Disc<\/td>\nQuote: 19.35 – 19.93
\nSpot Rate : 0.5800
\nAverage : 0.4542<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.00 – 23.35
\nSpot Rate : 0.3500
\nAverage : 0.2294<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 13.56 – 13.94
\nSpot Rate : 0.3800
\nAverage : 0.2668<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 13.56
\nEvaluated at bid price : 13.56
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 18.00 – 18.36
\nSpot Rate : 0.3600
\nAverage : 0.2738<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-13
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.22 %<\/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 3.47%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed sharply to …<\/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-50980","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50980","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=50980"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50980\/revisions"}],"predecessor-version":[{"id":50981,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50980\/revisions\/50981"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}