{"id":5989,"date":"2009-03-24T19:40:43","date_gmt":"2009-03-24T23:40:43","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5989"},"modified":"2009-03-24T19:40:43","modified_gmt":"2009-03-24T23:40:43","slug":"march-24-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5989","title":{"rendered":"March 24, 2009"},"content":{"rendered":"

Bernanke & Geithner continued their campaign to have the Fed become the regulator of everything<\/a>:<\/p>\n

The top two U.S. economic leaders called for new powers to take over and wind down failing financial companies after the government\u2019s troubled rescue of American International Group Inc.<\/p>\n

\u201cAs we have seen with AIG, distress at large, interconnected, non-depository financial institutions can pose systemic risks just as distress at banks can,\u201d Treasury Secretary Timothy Geithner said in testimony to a House Financial Services Committee hearing today in Washington. Federal Reserve Chairman Ben S. Bernanke said \u201cAIG highlights the urgent need for new resolution procedures.\u201d <\/p><\/blockquote>\n

I can’t support it. The only reason AIG posed a risk to the banking system was because the banks were insufficiently regulated … by the Fed. Why were the banks allowed to pair off their long\/short CDS positions to such an extent? This would only be appropriate in the case in which AIG had posted a lot of collateral … and they didn’t post any collateral. Had the banks & brokerages been required to put up capital against this lack of collateralization, it wouldn’t have been a problem.<\/p>\n

PerpetualDiscounts advanced and FixedResets declined, the latter on heavy volume as it appears that the RY new issue announcement<\/a> caused a certain amount of portfolio rejigging.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1433 %<\/td>\n853.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1433 %<\/td>\n1,380.1<\/td>\n<\/tr>\n
Floater<\/td>\n4.64 %<\/td>\n5.62 %<\/td>\n59,547<\/td>\n14.49<\/td>\n3<\/td>\n1.1433 %<\/td>\n1,066.1<\/td>\n<\/tr>\n
OpRet<\/td>\n5.24 %<\/td>\n4.91 %<\/td>\n129,977<\/td>\n3.88<\/td>\n15<\/td>\n0.2179 %<\/td>\n2,064.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.79 %<\/td>\n9.81 %<\/td>\n51,656<\/td>\n4.78<\/td>\n6<\/td>\n0.3089 %<\/td>\n1,636.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.07 %<\/td>\n9.27 %<\/td>\n35,953<\/td>\n0.73<\/td>\n1<\/td>\n-0.9027 %<\/td>\n1,933.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1216 %<\/td>\n1,508.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n7.17 %<\/td>\n7.28 %<\/td>\n154,645<\/td>\n12.17<\/td>\n71<\/td>\n0.1216 %<\/td>\n1,389.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.13 %<\/td>\n5.78 %<\/td>\n655,501<\/td>\n13.77<\/td>\n31<\/td>\n-0.2992 %<\/td>\n1,808.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.02
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.17
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.23
\nEvaluated at bid price : 25.28
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 16.77
\nEvaluated at bid price : 16.77
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 7.50
\nEvaluated at bid price : 7.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 15.16
\nEvaluated at bid price : 15.16
\nBid-YTW : 7.98 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.40
\nEvaluated at bid price : 25.45
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 17.57
\nEvaluated at bid price : 17.57
\nBid-YTW : 7.02 %<\/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 : 8.44 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 22.81
\nEvaluated at bid price : 22.91
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.80
\nBid-YTW : 8.68 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.28
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n1.47 %<\/td>\nAsset coverage of 1.1-:1 as of March 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 : 7.61
\nBid-YTW : 13.97 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.75
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
GWO.PR.E<\/td>\nOpRet<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2014-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 13.45
\nEvaluated at bid price : 13.45
\nBid-YTW : 9.09 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 7.56 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 13.16
\nEvaluated at bid price : 13.16
\nBid-YTW : 9.11 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 17.99
\nEvaluated at bid price : 17.99
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 14.75
\nEvaluated at bid price : 14.75
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 13.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n3.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 17.56
\nEvaluated at bid price : 17.56
\nBid-YTW : 6.63 %<\/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
RY.PR.T<\/td>\nFixedReset<\/td>\n221,841<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n165,755<\/td>\nRBC bought 15,000 from HSBC at 25.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.23
\nEvaluated at bid price : 25.28
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n122,790<\/td>\nRecent new issue<\/a>
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.06
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n112,885<\/td>\nTD bought 10,000 from National at 25.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.40
\nEvaluated at bid price : 25.45
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n97,113<\/td>\nNational bought 19,000 from TD at 25.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.20
\nEvaluated at bid price : 25.25
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n78,065<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-24
\nMaturity Price : 25.17
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
There were 42 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bernanke & Geithner continued their campaign to have the Fed become the regulator of everything: The top two U.S. economic leaders called for new powers to take over and wind down failing financial companies after …<\/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-5989","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5989","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=5989"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5989\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}