{"id":5536,"date":"2009-02-18T20:53:20","date_gmt":"2009-02-19T00:53:20","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5536"},"modified":"2009-02-18T20:53:20","modified_gmt":"2009-02-19T00:53:20","slug":"february-18-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5536","title":{"rendered":"February 18, 2009"},"content":{"rendered":"

Preferreds were off again today but it could have been worse … much worse. The market was affected by lousy equity markets<\/a> … bids disappeared for some issues, but some came back to rescue the day’s results from its depths. Time will tell whether these (relatively small) bids stand up:<\/p>\n

gauge of financial stocks in the S&P\/TSX slipped 3.5 percent to its lowest level since November 2002, as nine of 10 industries in the Canadian benchmark dropped. Economic reports stoked concern that the impact of the global recession is worsening in a country that relies on exports, half of which are commodities, for about a third of its overall output.<\/p><\/blockquote>\n

PerpetualDiscounts closed today at 7.07%, equivalent to 9.90% interest at the standard equivalency factor of 1.4x. Long Corporates<\/a> are doing really well, up 3.03% on the month and 1.37% year-to-date and are yielding 7.5% … maybe just a shade under. The pre-tax interest-equivalent spread has thus increased to about 240bp.<\/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>\n5.26 %<\/td>\n3.69 %<\/td>\n23,691<\/td>\n17.97<\/td>\n2<\/td>\n-0.1526 %<\/td>\n860.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.22 %<\/td>\n6.79 %<\/td>\n74,386<\/td>\n14.17<\/td>\n7<\/td>\n0.2103 %<\/td>\n1,389.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.11 %<\/td>\n4.28 %<\/td>\n28,813<\/td>\n16.89<\/td>\n4<\/td>\n-0.3152 %<\/td>\n1,028.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.24 %<\/td>\n4.69 %<\/td>\n141,872<\/td>\n3.98<\/td>\n15<\/td>\n0.1432 %<\/td>\n2,051.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.54 %<\/td>\n11.23 %<\/td>\n67,951<\/td>\n4.02<\/td>\n15<\/td>\n-1.7349 %<\/td>\n1,711.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.08 %<\/td>\n9.23 %<\/td>\n33,501<\/td>\n0.83<\/td>\n2<\/td>\n0.1157 %<\/td>\n1,997.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3848 %<\/td>\n1,547.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.95 %<\/td>\n7.07 %<\/td>\n181,771<\/td>\n12.42<\/td>\n71<\/td>\n-0.3848 %<\/td>\n1,425.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.07 %<\/td>\n5.73 %<\/td>\n607,869<\/td>\n13.93<\/td>\n27<\/td>\n-0.2769 %<\/td>\n1,814.3<\/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\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\n-5.18 %<\/td>\nAsset coverage of 1.2-:1 as of February 13 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 : 7.50
\nBid-YTW : 10.67 %<\/td>\n<\/tr>\n
DF.PR.A<\/td>\nSplitShare<\/td>\n-4.99 %<\/td>\nAsset coverage of 1.3+:1 as of February 13 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 : 8.56
\nBid-YTW : 8.59 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Discount<\/td>\n-4.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 20.82
\nEvaluated at bid price : 20.82
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n-4.12 %<\/td>\nAsset coverage of 1.3+:1 as of February 13 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 : 8.15
\nBid-YTW : 11.23 %<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n-3.70 %<\/td>\nAsset coverage of 1.1+:1 as of February 5 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-06-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.80
\nBid-YTW : 17.52 %<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-3.11 %<\/td>\nAsset coverage of 1.0+:1 as of February 13 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 : 6.55
\nBid-YTW : 14.45 %<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n-2.74 %<\/td>\nAsset coverage of 1.9-:1 as of February 13 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 : 20.32
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n-2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.52
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 15.66
\nEvaluated at bid price : 15.66
\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n-2.39 %<\/td>\nAsset coverage of 1.3-:1 as of February 12 according to Brompton Group<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2013-11-29
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.76
\nBid-YTW : 11.72 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 15.62
\nEvaluated at bid price : 15.62
\nBid-YTW : 7.52 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 15.05
\nEvaluated at bid price : 15.05
\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 17.43
\nEvaluated at bid price : 17.43
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.04
\nEvaluated at bid price : 21.04
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 18.14
\nEvaluated at bid price : 18.14
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.82 %<\/td>\nAsset coverage of 1.9-:1 as of January 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 : 12.01
\nBid-YTW : 14.40 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 14.76
\nEvaluated at bid price : 14.76
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 16.41
\nEvaluated at bid price : 16.41
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 17.12
\nEvaluated at bid price : 17.12
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 12.80
\nEvaluated at bid price : 12.80
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 14.05
\nEvaluated at bid price : 14.05
\nBid-YTW : 8.61 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 20.32
\nEvaluated at bid price : 20.32
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 16.81
\nEvaluated at bid price : 16.81
\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 17.37
\nEvaluated at bid price : 17.37
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 18.54
\nEvaluated at bid price : 18.54
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
NA.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.25
\nBid-YTW : 8.72 %<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n1.15 %<\/td>\nAsset coverage of 1.9-:1 as of January 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 : 24.20
\nBid-YTW : 8.27 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n1.16 %<\/td>\nAsset coverage of 1.6-:1 as of February 13 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 : 8.24 %<\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterest-Bearing<\/td>\n1.21 %<\/td>\nAsset coverage of 1.1-:1 as of February 10, based on Capital units at $1.29<\/a> and 0.53 Capital Units per preferred<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.50
\nBid-YTW : 12.74 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.10
\nBid-YTW : 9.73 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 7.95
\nEvaluated at bid price : 7.95
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.45
\nBid-YTW : 10.05 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 19.82
\nEvaluated at bid price : 19.82
\nBid-YTW : 7.03 %<\/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.PR.G<\/td>\nFixedReset<\/td>\n215,838<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n93,497<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n51,882<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n50,050<\/td>\nTD crossed 48,000 at 21.00. Asset coverage of 1.9-:1 as of January 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 : 20.32
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n37,718<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n36,880<\/td>\nCIBC crossed 11,200 at 15.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-18
\nMaturity Price : 14.76
\nEvaluated at bid price : 14.76
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
There were 30 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Preferreds were off again today but it could have been worse … much worse. The market was affected by lousy equity markets … bids disappeared for some issues, but some came back to rescue 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-5536","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5536","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=5536"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5536\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}