{"id":6562,"date":"2009-05-15T23:55:27","date_gmt":"2009-05-16T03:55:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6562"},"modified":"2009-05-15T23:55:27","modified_gmt":"2009-05-16T03:55:27","slug":"may-15-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6562","title":{"rendered":"May 15, 2009"},"content":{"rendered":"<p>Those contemplating reverse mortgages would do well to incorporate the <a href=\"http:\/\/www.osfi-bsif.gc.ca\/app\/DocRepository\/1\/eng\/guidelines\/capital\/advisories\/revmtg_e.pdf\">new OSFI advisory<\/a> into their planning &#8230; the rules for qualification for optimal capital treatment will indubitably influence the packages offered by banks, notably:<\/p>\n<ul>\n<li>initial loan-to-value of less than 40%\n<li>Ongoing loan-to-value of less than 60%<\/ul>\n<p>I regret that it is not possible for me to prepare the market report. There is a difficulty recovering prices from the TSX.<\/p>\n<p><b>Update, 2009-5-16<\/b>: Well, it took a little while, but eventually the TSX&#8217;s little computer that could spit out the data: Volume was down sharply in pre-holiday trading (which is always something of a mystery to me) but PerpetualDiscounts had a good up-day while FixedResets were flattish.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.8220 %<\/td>\n<td>1,087.0<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.8220 %<\/td>\n<td>1,757.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.47 %<\/td>\n<td>4.31 %<\/td>\n<td>82,081<\/td>\n<td>16.75<\/td>\n<td>3<\/td>\n<td>1.8220 %<\/td>\n<td>1,358.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>5.05 %<\/td>\n<td>4.17 %<\/td>\n<td>131,130<\/td>\n<td>2.60<\/td>\n<td>15<\/td>\n<td>0.1594 %<\/td>\n<td>2,152.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.94 %<\/td>\n<td>6.58 %<\/td>\n<td>52,551<\/td>\n<td>4.26<\/td>\n<td>3<\/td>\n<td>0.2968 %<\/td>\n<td>1,808.5<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>6.00 %<\/td>\n<td>6.85 %<\/td>\n<td>29,428<\/td>\n<td>0.61<\/td>\n<td>1<\/td>\n<td>-0.4975 %<\/td>\n<td>1,987.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2010 %<\/td>\n<td>1,695.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.45 %<\/td>\n<td>6.53 %<\/td>\n<td>156,319<\/td>\n<td>13.16<\/td>\n<td>71<\/td>\n<td>0.2010 %<\/td>\n<td>1,561.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.75 %<\/td>\n<td>4.91 %<\/td>\n<td>493,807<\/td>\n<td>4.48<\/td>\n<td>36<\/td>\n<td>-0.0210 %<\/td>\n<td>1,973.1<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 19.51<br \/>\nEvaluated at bid price : 19.51<br \/>\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 18.51<br \/>\nEvaluated at bid price : 18.51<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>-1.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-06-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.63<br \/>\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 16.02<br \/>\nEvaluated at bid price : 16.02<br \/>\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 16.88<br \/>\nEvaluated at bid price : 16.88<br \/>\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 21.15<br \/>\nEvaluated at bid price : 21.15<br \/>\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 18.91<br \/>\nEvaluated at bid price : 18.91<br \/>\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 21.57<br \/>\nEvaluated at bid price : 21.57<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 20.15<br \/>\nEvaluated at bid price : 20.15<br \/>\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 21.35<br \/>\nEvaluated at bid price : 21.35<br \/>\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.J<\/td>\n<td>OpRet<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2018-03-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 23.48<br \/>\nEvaluated at bid price : 26.01<br \/>\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n<tr>\n<td>TRI.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.61 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 15.75<br \/>\nEvaluated at bid price : 15.75<br \/>\nBid-YTW : 2.52 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 9.11<br \/>\nEvaluated at bid price : 9.11<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>2.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 9.23<br \/>\nEvaluated at bid price : 9.23<br \/>\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>159,150<\/td>\n<td>Scotia crossed 150,000 at 26.65.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-03-27<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.65<br \/>\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.A<\/td>\n<td>OpRet<\/td>\n<td>44,950<\/td>\n<td>Nesbitt bought 28,200 from Desjardins at 25.85.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2009-06-14<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.85<br \/>\nBid-YTW : -8.64 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>31,871<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-12-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.09<br \/>\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>20,542<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 19.87<br \/>\nEvaluated at bid price : 19.87<br \/>\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>18,700<\/td>\n<td>RBC bought 11,000 from CIBC at 18.15.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-05-15<br \/>\nMaturity Price  : 18.10<br \/>\nEvaluated at bid price : 18.10<br \/>\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>18,175<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-07-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.40<br \/>\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 21 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Those contemplating reverse mortgages would do well to incorporate the new OSFI advisory into their planning &#8230; the rules for qualification for optimal capital treatment will indubitably influence the packages offered by banks, notably: initial &hellip;<\/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-6562","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6562","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=6562"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6562\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}