{"id":6119,"date":"2009-04-03T19:38:52","date_gmt":"2009-04-03T23:38:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6119"},"modified":"2009-04-03T19:38:52","modified_gmt":"2009-04-03T23:38:52","slug":"april-3-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6119","title":{"rendered":"April 3, 2009"},"content":{"rendered":"

Bernanke gave a speech today on the Federal Reserve’s Balance Sheet<\/a> (hat tip: Across the Curve<\/a>). I have updated the post Fed to Open Spigots Further<\/a>.<\/p>\n

It looks like Short-Sellers will join the politically inspired list of Designated Villains for the financial crisis. The SEC is under pressure<\/a> and voices of reason<\/a> will – as usual, when political grandstanding becomes paramount – be ignored.<\/p>\n

The OSC has published the first edition of OSC Investor News<\/a>. Investors may obtain a subscription by eMailing the OSC<\/a>.<\/p>\n

Another day of good performance from the PerpetualDiscounts; Fixed-Resets were more mixed but were able to eke out a gain.<\/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>\n0.8323 %<\/td>\n878.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8323 %<\/td>\n1,420.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.56 %<\/td>\n5.45 %<\/td>\n72,197<\/td>\n14.79<\/td>\n2<\/td>\n0.8323 %<\/td>\n1,097.0<\/td>\n<\/tr>\n
OpRet<\/td>\n5.18 %<\/td>\n4.72 %<\/td>\n136,035<\/td>\n3.86<\/td>\n15<\/td>\n0.2836 %<\/td>\n2,093.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n7.06 %<\/td>\n12.90 %<\/td>\n46,807<\/td>\n5.65<\/td>\n3<\/td>\n0.0909 %<\/td>\n1,637.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.15 %<\/td>\n9.34 %<\/td>\n29,981<\/td>\n0.72<\/td>\n1<\/td>\n-0.5102 %<\/td>\n1,937.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3057 %<\/td>\n1,557.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.98 %<\/td>\n7.09 %<\/td>\n152,151<\/td>\n12.43<\/td>\n71<\/td>\n0.3057 %<\/td>\n1,434.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.05 %<\/td>\n5.74 %<\/td>\n713,144<\/td>\n13.71<\/td>\n34<\/td>\n0.0692 %<\/td>\n1,845.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.15
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 18.06
\nEvaluated at bid price : 18.06
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 16.79
\nEvaluated at bid price : 16.79
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 16.32
\nEvaluated at bid price : 16.32
\nBid-YTW : 7.50 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 15.11
\nEvaluated at bid price : 15.11
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2013-12-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.60
\nBid-YTW : 8.04 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 8.09
\nEvaluated at bid price : 8.09
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.81
\nEvaluated at bid price : 17.81
\nBid-YTW : 6.94 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 13.44
\nEvaluated at bid price : 13.44
\nBid-YTW : 8.94 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n1.29 %<\/td>\nAsset coverage of 1.7-:1 as of February 28 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 : 11.75
\nBid-YTW : 15.00 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.16
\nEvaluated at bid price : 17.16
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 16.35
\nEvaluated at bid price : 16.35
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 22.51
\nEvaluated at bid price : 22.55
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 8.70 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 18.84
\nEvaluated at bid price : 18.84
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.46
\nEvaluated at bid price : 17.46
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 17.23
\nEvaluated at bid price : 17.23
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.20
\nBid-YTW : 9.34 %<\/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.K<\/td>\nFixedReset<\/td>\n832,732<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 25.12
\nEvaluated at bid price : 25.17
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n334,190<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.17
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n73,700<\/td>\nTD crossed 37,400 at 7.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 7.66
\nEvaluated at bid price : 7.66
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\n53,400<\/td>\nTD crossed 39,500 at 18.96.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n52,385<\/td>\nRBC bought two blocks from Nesbitt, 10,000 at 21.00 and 13,400 at 21.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n50,030<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-03
\nMaturity Price : 25.35
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.96 %<\/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":"

Bernanke gave a speech today on the Federal Reserve’s Balance Sheet (hat tip: Across the Curve). I have updated the post Fed to Open Spigots Further. It looks like Short-Sellers will join the politically inspired …<\/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-6119","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6119","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=6119"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6119\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}