{"id":50997,"date":"2019-11-27T11:38:00","date_gmt":"2019-11-27T16:38:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50997"},"modified":"2025-11-25T11:38:46","modified_gmt":"2025-11-25T16:38:46","slug":"november-27-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50997","title":{"rendered":"November 27, 2019"},"content":{"rendered":"

PerpetualDiscounts now yield 5.39%, equivalent to 7.01% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained at 370bp, unchanged from that reported November 20<\/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>\n0.2663 %<\/td>\n1,974.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2663 %<\/td>\n3,623.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.12 %<\/td>\n6.27 %<\/td>\n43,483<\/td>\n13.42<\/td>\n4<\/td>\n0.2663 %<\/td>\n2,088.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2083 %<\/td>\n3,415.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.50 %<\/td>\n47,656<\/td>\n3.88<\/td>\n7<\/td>\n-0.2083 %<\/td>\n4,078.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2083 %<\/td>\n3,182.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-19.29 %<\/td>\n51,260<\/td>\n0.09<\/td>\n10<\/td>\n-0.0039 %<\/td>\n3,046.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.29 %<\/td>\n5.39 %<\/td>\n68,953<\/td>\n14.80<\/td>\n25<\/td>\n0.0414 %<\/td>\n3,264.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.61 %<\/td>\n5.69 %<\/td>\n183,699<\/td>\n14.28<\/td>\n66<\/td>\n-0.2470 %<\/td>\n2,097.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n5.29 %<\/td>\n66,418<\/td>\n14.79<\/td>\n27<\/td>\n0.1061 %<\/td>\n3,212.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.25 %<\/td>\n6.64 %<\/td>\n111,359<\/td>\n12.91<\/td>\n2<\/td>\n0.5277 %<\/td>\n2,455.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n3.70 %<\/td>\n154,940<\/td>\n1.58<\/td>\n20<\/td>\n-0.0858 %<\/td>\n2,622.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.96 %<\/td>\n3.94 %<\/td>\n66,709<\/td>\n2.11<\/td>\n3<\/td>\n0.2344 %<\/td>\n2,702.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.45 %<\/td>\n5.65 %<\/td>\n118,896<\/td>\n14.36<\/td>\n22<\/td>\n-0.2287 %<\/td>\n2,143.1<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 18.16
\nEvaluated at bid price : 18.16
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 17.73
\nEvaluated at bid price : 17.73
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 21.18
\nEvaluated at bid price : 21.18
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 22.88
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 12.91
\nEvaluated at bid price : 12.91
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 24.32
\nEvaluated at bid price : 24.81
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 13.88
\nEvaluated at bid price : 13.88
\nBid-YTW : 6.30 %<\/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
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n134,026<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.46
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n66,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n63,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 19.04
\nEvaluated at bid price : 19.04
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset Prem<\/td>\n55,464<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n50,840<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 24.27
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset Prem<\/td>\n48,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
There were 52 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
PVS.PR.D<\/td>\nSplitShare<\/td>\nQuote: 25.04 – 25.45
\nSpot Rate : 0.4100
\nAverage : 0.2325<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2021-10-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n

NA.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 19.11 – 19.53
\nSpot Rate : 0.4200
\nAverage : 0.2657<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 17.91 – 18.22
\nSpot Rate : 0.3100
\nAverage : 0.1975<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 17.91
\nEvaluated at bid price : 17.91
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset Prem<\/td>\nQuote: 25.43 – 25.75
\nSpot Rate : 0.3200
\nAverage : 0.2212<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 13.03 – 13.45
\nSpot Rate : 0.4200
\nAverage : 0.3254<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 13.03
\nEvaluated at bid price : 13.03
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.11 – 21.50
\nSpot Rate : 0.3900
\nAverage : 0.3015<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-11-27
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.39%, equivalent to 7.01% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained at 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-50997","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50997","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=50997"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50997\/revisions"}],"predecessor-version":[{"id":50998,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50997\/revisions\/50998"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}