{"id":51085,"date":"2019-12-13T22:01:00","date_gmt":"2019-12-14T03:01:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51085"},"modified":"2025-11-26T22:02:07","modified_gmt":"2025-11-27T03:02:07","slug":"december-13-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51085","title":{"rendered":"December 13, 2019"},"content":{"rendered":"

I had a stray thought today regarding the HSE.PR.C reset fiasco<\/a> … if they calculated the rate in good faith as of November 29, why didn’t they announce the rate on November 29?<\/p>\n

But now it’s time for PrefLetter<\/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>\n1.2857 %<\/td>\n2,016.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.2857 %<\/td>\n3,699.4<\/td>\n<\/tr>\n
Floater<\/td>\n6.05 %<\/td>\n6.18 %<\/td>\n57,958<\/td>\n13.67<\/td>\n4<\/td>\n1.2857 %<\/td>\n2,132.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0953 %<\/td>\n3,445.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.11 %<\/td>\n41,255<\/td>\n3.84<\/td>\n7<\/td>\n0.0953 %<\/td>\n4,114.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0953 %<\/td>\n3,210.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n-11.63 %<\/td>\n58,385<\/td>\n0.09<\/td>\n10<\/td>\n-0.2889 %<\/td>\n3,039.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.28 %<\/td>\n5.36 %<\/td>\n70,921<\/td>\n14.87<\/td>\n25<\/td>\n0.3881 %<\/td>\n3,280.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.58 %<\/td>\n5.81 %<\/td>\n205,252<\/td>\n14.19<\/td>\n66<\/td>\n0.1000 %<\/td>\n2,114.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n5.29 %<\/td>\n72,090<\/td>\n14.92<\/td>\n27<\/td>\n0.0668 %<\/td>\n3,217.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.10 %<\/td>\n6.31 %<\/td>\n130,430<\/td>\n13.49<\/td>\n2<\/td>\n0.6273 %<\/td>\n2,525.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.11 %<\/td>\n3.59 %<\/td>\n151,683<\/td>\n1.53<\/td>\n20<\/td>\n0.0273 %<\/td>\n2,633.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.95 %<\/td>\n3.93 %<\/td>\n60,359<\/td>\n2.06<\/td>\n3<\/td>\n0.0411 %<\/td>\n2,712.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.48 %<\/td>\n5.84 %<\/td>\n131,435<\/td>\n14.14<\/td>\n22<\/td>\n0.3629 %<\/td>\n2,139.7<\/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\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
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 14.16
\nEvaluated at bid price : 14.16
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Premium<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-01-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : -11.63 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 10.91
\nEvaluated at bid price : 10.91
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 23.31
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-01-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : -12.30 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 12.44
\nEvaluated at bid price : 12.44
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 13.64
\nEvaluated at bid price : 13.64
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 13.11
\nEvaluated at bid price : 13.11
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 18.87
\nEvaluated at bid price : 18.87
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-01-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : -5.93 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 14.22
\nEvaluated at bid price : 14.22
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 16.62
\nEvaluated at bid price : 16.62
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 23.04
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.81
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n4.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 13.51
\nEvaluated at bid price : 13.51
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n4.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 12.29
\nEvaluated at bid price : 12.29
\nBid-YTW : 5.69 %<\/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.D<\/td>\nFixedReset Disc<\/td>\n210,314<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 19.12
\nEvaluated at bid price : 19.12
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n158,298<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 16.64
\nEvaluated at bid price : 16.64
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n89,758<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n75,788<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 13.51
\nEvaluated at bid price : 13.51
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n72,178<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 17.03
\nEvaluated at bid price : 17.03
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n71,475<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
There were 69 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.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.37 – 25.96
\nSpot Rate : 0.5900
\nAverage : 0.3635<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 12.29 – 12.94
\nSpot Rate : 0.6500
\nAverage : 0.4488<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 12.29
\nEvaluated at bid price : 12.29
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

CM.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 24.34 – 24.74
\nSpot Rate : 0.4000
\nAverage : 0.2716<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.34
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.07 – 23.46
\nSpot Rate : 0.3900
\nAverage : 0.2690<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.07
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.84 – 25.15
\nSpot Rate : 0.3100
\nAverage : 0.2123<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 24.59
\nEvaluated at bid price : 24.84
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.16 – 14.43
\nSpot Rate : 0.2700
\nAverage : 0.1791<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-13
\nMaturity Price : 14.16
\nEvaluated at bid price : 14.16
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I had a stray thought today regarding the HSE.PR.C reset fiasco … if they calculated the rate in good faith as of November 29, why didn’t they announce the rate on November 29? But now …<\/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-51085","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51085","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=51085"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51085\/revisions"}],"predecessor-version":[{"id":51086,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51085\/revisions\/51086"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}