{"id":5301,"date":"2009-02-02T22:48:10","date_gmt":"2009-02-03T02:48:10","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5301"},"modified":"2009-02-02T22:48:10","modified_gmt":"2009-02-03T02:48:10","slug":"february-2-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5301","title":{"rendered":"February 2, 2009"},"content":{"rendered":"

Spend-Every-Penny is urging Canadian investors to ignore banks’ capital ratios<\/a>:<\/p>\n

\u201cWe have said that we’ll do what’s necessary to protect the Canadian banking system,\u201d Mr. Flaherty reiterated on Saturday from Davos during a conference call with reporters.<\/p><\/blockquote>\n

It seems like only a few months back he was saying that his government would no more run a deficit than a man could have a baby.<\/p>\n

With a hat-tip<\/a> to Econbrowser<\/i>, a graph from Calculated Risk<\/i> puts the current crash in perspective<\/a>:<\/p>\n

<\/a>
Click for big<\/i><\/div>\n

Volume was off today – month-end window dressing is done for another three weeks? – and PerpetualDiscounts eased off slightly. Recent increases in the Canada 5-year yield have triggered legitimate expectations (subject to volatility!) of five-year calls in the Fixed-Reset market.<\/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>\n5.42 %<\/td>\n3.91 %<\/td>\n25,470<\/td>\n17.54<\/td>\n2<\/td>\n0.0000 %<\/td>\n851.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.27 %<\/td>\n7.01 %<\/td>\n65,980<\/td>\n13.88<\/td>\n7<\/td>\n-0.3021 %<\/td>\n1,380.5<\/td>\n<\/tr>\n
Floater<\/td>\n5.41 %<\/td>\n4.51 %<\/td>\n32,457<\/td>\n16.37<\/td>\n4<\/td>\n2.8624 %<\/td>\n970.7<\/td>\n<\/tr>\n
OpRet<\/td>\n5.31 %<\/td>\n4.78 %<\/td>\n164,009<\/td>\n4.02<\/td>\n15<\/td>\n-0.0334 %<\/td>\n2,023.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.24 %<\/td>\n10.18 %<\/td>\n73,501<\/td>\n4.09<\/td>\n15<\/td>\n-0.2611 %<\/td>\n1,785.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.08 %<\/td>\n8.17 %<\/td>\n37,095<\/td>\n0.87<\/td>\n2<\/td>\n-0.2880 %<\/td>\n1,998.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0234 %<\/td>\n1,561.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.88 %<\/td>\n6.87 %<\/td>\n220,391<\/td>\n12.67<\/td>\n71<\/td>\n-0.0234 %<\/td>\n1,438.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.10 %<\/td>\n5.64 %<\/td>\n740,671<\/td>\n14.10<\/td>\n26<\/td>\n0.1287 %<\/td>\n1,800.2<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n-4.29 %<\/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 : 8.71
\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n-3.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 22.70
\nEvaluated at bid price : 22.99
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n-3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.74
\nEvaluated at bid price : 17.74
\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 14.25
\nEvaluated at bid price : 14.25
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n-1.61 %<\/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: 2010-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.81
\nBid-YTW : 10.18 %<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixedFloater<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.27
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixedFloater<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 21.91
\nEvaluated at bid price : 21.95
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 12.42
\nEvaluated at bid price : 12.42
\nBid-YTW : 9.77 %<\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 23.26
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 7.65
\nEvaluated at bid price : 7.65
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.17
\nEvaluated at bid price : 17.17
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 19.53
\nEvaluated at bid price : 19.53
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 18.61
\nEvaluated at bid price : 18.61
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.34
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n1.92 %<\/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 : 9.02
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
DF.PR.A<\/td>\nSplitShare<\/td>\n1.93 %<\/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: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.96
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 7.56
\nEvaluated at bid price : 7.56
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n7.14 %<\/td>\nBasically, reversing Friday’s<\/a> nonsense.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-02
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 4.43 %<\/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.X<\/td>\nFixedReset<\/td>\n127,375<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
NA.PR.P<\/td>\nFixedReset<\/td>\n78,398<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n63,070<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.86
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n59,340<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.92
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n53,151<\/td>\nDesjardins crossed 50,000 at 22.15.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.10
\nBid-YTW : 10.43 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n26,115<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
There were 12 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Spend-Every-Penny is urging Canadian investors to ignore banks’ capital ratios: \u201cWe have said that we’ll do what’s necessary to protect the Canadian banking system,\u201d Mr. Flaherty reiterated on Saturday from Davos during a conference call …<\/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-5301","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5301","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=5301"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5301\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}