{"id":5147,"date":"2009-01-23T21:01:32","date_gmt":"2009-01-24T01:01:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5147"},"modified":"2009-01-23T21:01:32","modified_gmt":"2009-01-24T01:01:32","slug":"january-23-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5147","title":{"rendered":"January 23, 2009"},"content":{"rendered":"

Inflation is down, according to Statistics Canada<\/a>:<\/p>\n

The Bank of Canada’s core index advanced 2.4% over the 12 months to December, identical to the rise in November. The main contributors to the increase in the core index were higher prices for bread, cereal products and meat products. Price declines for purchasing and leasing passenger vehicles remained the primary downward contributor.<\/p>\n

The seasonally adjusted monthly core index posted no change from November to December, after rising 0.6% from October to November.<\/p><\/blockquote>\n

<\/div>\n

PerpetualDiscounts were off again today, reducing their month-to-date return to +5.65%, having peaked on January 13 at +7.51%. The median pre-tax bid-YTW is now 6.95%, equivalent to 9.73% interest at the standard conversion factor of 1.4x, compared to long corporates<\/a>, still steady at 7.5%. The pre-tax interest-equivalent spread is thus 223bp.<\/p>\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>\n6.91 %<\/td>\n7.62 %<\/td>\n37,348<\/td>\n13.47<\/td>\n2<\/td>\n-1.5620 %<\/td>\n854.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.39 %<\/td>\n7.02 %<\/td>\n150,619<\/td>\n13.69<\/td>\n8<\/td>\n-0.9992 %<\/td>\n1,386.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.43 %<\/td>\n4.61 %<\/td>\n35,389<\/td>\n16.22<\/td>\n4<\/td>\n-1.3023 %<\/td>\n967.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.31 %<\/td>\n4.76 %<\/td>\n142,780<\/td>\n4.05<\/td>\n15<\/td>\n0.2877 %<\/td>\n2,023.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.28 %<\/td>\n9.84 %<\/td>\n79,275<\/td>\n4.14<\/td>\n15<\/td>\n-0.2689 %<\/td>\n1,772.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.18 %<\/td>\n8.50 %<\/td>\n36,685<\/td>\n0.90<\/td>\n2<\/td>\n-0.1172 %<\/td>\n1,968.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2455 %<\/td>\n1,550.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.92 %<\/td>\n6.95 %<\/td>\n231,379<\/td>\n12.62<\/td>\n71<\/td>\n-0.2455 %<\/td>\n1,427.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.01 %<\/td>\n4.98 %<\/td>\n817,266<\/td>\n14.88<\/td>\n22<\/td>\n-0.1483 %<\/td>\n1,805.4<\/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\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
PWF.PR.A<\/td>\nFloater<\/td>\n-7.54 %<\/td>\nBids disappeared, with four trades totalling 4,200 in a range of 12.50-00; closing at 12.02-50, 2×8.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 12.02
\nEvaluated at bid price : 12.02
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-4.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 8.29 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-4.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 10.51
\nBid-YTW : 10.46 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-4.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 15.26
\nEvaluated at bid price : 15.26
\nBid-YTW : 8.79 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n-3.62 %<\/td>\nAsset coverage of 1.4+:1 as of January 15 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.53
\nBid-YTW : 9.76 %<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\nSplitShare<\/td>\n-3.45 %<\/td>\nAsset coverage of 1.3-:1 as of January 22, according to Brompton Group<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-11-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.83
\nBid-YTW : 12.67 %<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixedFloater<\/td>\n-3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.76
\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n-2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.36
\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\n-2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 17.09
\nEvaluated at bid price : 17.09
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\n-2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n-2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.53
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 7.36
\nEvaluated at bid price : 7.36
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-1.81 %<\/td>\nAsset coverage of 1.1+:1 as of January 15 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.61
\nBid-YTW : 11.07 %<\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 23.68
\nEvaluated at bid price : 23.72
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n-1.75 %<\/td>\nAsset coverage of 1.7-:1 as of January 15 according to Mulvihill<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.96
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 23.66
\nEvaluated at bid price : 23.70
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 15.51
\nEvaluated at bid price : 15.51
\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\n-1.65 %<\/td>\nAsset coverage of 1.3-:1 as of January 15 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2015-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.76
\nBid-YTW : 9.99 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 19.29
\nEvaluated at bid price : 19.29
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 17.47
\nEvaluated at bid price : 17.47
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixedFloater<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.78
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 16.57
\nEvaluated at bid price : 16.57
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 17.58
\nEvaluated at bid price : 17.58
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 16.61
\nEvaluated at bid price : 16.61
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 15.55
\nEvaluated at bid price : 15.55
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 21.75
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
PWF.PR.M<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 24.95
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 18.23
\nEvaluated at bid price : 18.23
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 7.77
\nEvaluated at bid price : 7.77
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.50
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n2.38 %<\/td>\nAsset coverage of 1.8+:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2016-03-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.50
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n2.42 %<\/td>\nAsset coverage of 1.8+:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.01
\nBid-YTW : 15.94 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n3.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.62
\nBid-YTW : 10.65 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n4.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n4.44 %<\/td>\nAsset coverage of 1.7-:1 as of January 15 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.70
\nBid-YTW : 8.22 %<\/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
BNS.PR.T<\/td>\nFixedReset<\/td>\n103,166<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n85,318<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 24.97
\nEvaluated at bid price : 25.02
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n83,680<\/td>\nNesbitt crossed 60,000 at 23.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 22.87
\nEvaluated at bid price : 22.95
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n71,647<\/td>\nRBC bought 21,000 from National at 16.00; Scotia bought two blocks of 10,000 each at 10.90; one from anonymous, the other from National.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 15.26
\nEvaluated at bid price : 15.26
\nBid-YTW : 8.79 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n60,545<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 25.09
\nEvaluated at bid price : 25.14
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n43,800<\/td>\nNesbitt crossed 30,000 at 17.63, then another 10,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-23
\nMaturity Price : 17.58
\nEvaluated at bid price : 17.58
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
There were 29 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Inflation is down, according to Statistics Canada: The Bank of Canada’s core index advanced 2.4% over the 12 months to December, identical to the rise in November. The main contributors to the increase in the …<\/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-5147","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5147","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=5147"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5147\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}