{"id":6529,"date":"2009-05-13T18:46:59","date_gmt":"2009-05-13T22:46:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6529"},"modified":"2009-05-13T18:46:59","modified_gmt":"2009-05-13T22:46:59","slug":"may-13-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6529","title":{"rendered":"May 13, 2009"},"content":{"rendered":"

Former SEC Chairman Arthur Levitt, who has been sharply criticized<\/a> on PrefBlog, has said something sensible<\/a>:<\/p>\n

Arthur Levitt warned the Obama administration and U.S. regulators against attempting to change the way executives at financial firms are compensated.<\/p>\n

\u201cGovernment can jawbone but for government to regulate I think is overkill and very mistaken because you don\u2019t know where it\u2019s going to end,\u201d Levitt said in an interview with Bloomberg Television today. Efforts by the Obama administration to change Wall Street pay practices are \u201ctotally wrongheaded,\u201d he said.
…<\/b>
Government attempting to regulate executive pay \u201chas never worked and it cannot work,\u201d Levitt said. \u201cYou just can\u2019t micromanage in that way.\u201d <\/p><\/blockquote>\n

Undismayed by fears of micromanagement, Geithner is pushing for OTC Derivative transparency<\/a>:<\/p>\n

The U.S. Treasury will tell banks to increase transparency in the over-the-counter derivatives market by making prices available on centralized computer platforms, according to people familiar with the plan.<\/p>\n

Treasury Secretary Timothy Geithner may announce the decision as soon as today, said the people, who declined to be identified because they weren\u2019t authorized to speak publicly.
…<\/b>
Electronic execution of trades including interest-rate and credit-default swaps would allow users of the financial instruments to get greater price transparency and make processing trades easier. Transactions in the $684 trillion over-the-counter derivatives market are now typically conducted over the phone between banks and customers.<\/p>\n

\u201cAnything that will bring transparency to this market will help the market, but the dealers who broker the deals would make less money,\u201d said Paul Zubulake, a senior analyst with Boston- based Aite Group. \u201cMore transparency for the buy-side is less profit for the sell-side.\u201d<\/p>\n

Zubulake said any mandated changes \u201care not good for business in general.\u201d <\/p><\/blockquote>\n

There’s an interesting piece on VoxEU today by Adrian R. Bell, Chris Brooks & Tony Moore: The credit crunch of 1294: Causes, consequences and the aftermath<\/a>. Plus ca change, plus ca meme chose! The direct parallels to the current crunch drawn by the authors seem to me to be a little contrived, but nevertheless all knowledge is good knowledge.<\/p>\n

Volume eased off a bit today, but remains above average levels. Price action was flattish, but with a fair amount of dispersion.<\/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>\n0.0299 %<\/td>\n1,066.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0299 %<\/td>\n1,724.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.53 %<\/td>\n4.41 %<\/td>\n79,107<\/td>\n16.55<\/td>\n3<\/td>\n0.0299 %<\/td>\n1,332.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.07 %<\/td>\n4.34 %<\/td>\n134,492<\/td>\n1.86<\/td>\n15<\/td>\n-0.0053 %<\/td>\n2,145.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.99 %<\/td>\n7.78 %<\/td>\n48,621<\/td>\n4.26<\/td>\n3<\/td>\n-0.2822 %<\/td>\n1,791.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n5.99 %<\/td>\n6.63 %<\/td>\n27,907<\/td>\n0.62<\/td>\n1<\/td>\n0.0000 %<\/td>\n1,989.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1509 %<\/td>\n1,687.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.48 %<\/td>\n6.57 %<\/td>\n157,937<\/td>\n13.07<\/td>\n71<\/td>\n-0.1509 %<\/td>\n1,553.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.75 %<\/td>\n4.86 %<\/td>\n507,166<\/td>\n4.49<\/td>\n36<\/td>\n0.0462 %<\/td>\n1,972.1<\/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
BAM.PR.K<\/td>\nFloater<\/td>\n-3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 9.02
\nEvaluated at bid price : 9.02
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n-2.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 22.69
\nEvaluated at bid price : 22.82
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 8.92
\nEvaluated at bid price : 8.92
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 16.72
\nEvaluated at bid price : 16.72
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.53
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 17.96
\nEvaluated at bid price : 17.96
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 16.88
\nEvaluated at bid price : 16.88
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 18.37
\nEvaluated at bid price : 18.37
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.30 %<\/td>\nAsset coverage of 1.8-:1 as of April 30 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 : 14.39
\nBid-YTW : 12.13 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 22.64
\nEvaluated at bid price : 22.85
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.30
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.30
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 22.68
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
CL.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 23.35
\nEvaluated at bid price : 23.63
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 15.51
\nEvaluated at bid price : 15.51
\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 16.05
\nEvaluated at bid price : 16.05
\nBid-YTW : 7.51 %<\/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.P<\/td>\nFixedReset<\/td>\n112,152<\/td>\nNesbitt crossed 100,000 at 24.85.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 24.79
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n83,965<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.36
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n71,990<\/td>\nRBC bought 14,000 from Nesbitt at 24.25; Nesbitt crossed 18,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.25
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n71,490<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.35
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n40,850<\/td>\nTD crossed 25,000 at 25.75, then another 11,300 at 25.75.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-13
\nMaturity Price : 25.55
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n36,675<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
There were 40 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Former SEC Chairman Arthur Levitt, who has been sharply criticized on PrefBlog, has said something sensible: Arthur Levitt warned the Obama administration and U.S. regulators against attempting to change the way executives at financial firms …<\/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-6529","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6529","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=6529"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6529\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}