{"id":6704,"date":"2009-05-29T19:17:06","date_gmt":"2009-05-29T23:17:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6704"},"modified":"2009-05-29T19:17:06","modified_gmt":"2009-05-29T23:17:06","slug":"may-29-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6704","title":{"rendered":"May 29, 2009"},"content":{"rendered":"

Remember Jefferson County? It was last mentioned on September 28<\/a> … it’s becoming more farcical all the time<\/a>:<\/p>\n

Circuit Judge David Rains allowed the county in March to collect and spend the tax while the Legislature considered alternatives to the levy whose repeal was affirmed in January. Lawmakers adjourned on May 18 without approving a new measure, and the county couldn\u2019t draw upon those funds.<\/p><\/blockquote>\n

Preferreds closed the month on a winning note on continued heavy volume. PerpetualDiscounts now yield 6.33%, equivalent to 8.86% interest at the standard equivalency factor of 1.4x. This compares with long corporates<\/a> at 7.0%, indicating a pre-tax interest-equivalent spread of 186bp … wow! Getting lower by the day!<\/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>\n0.5961 %<\/td>\n1,289.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5961 %<\/td>\n2,085.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.92 %<\/td>\n3.38 %<\/td>\n81,000<\/td>\n18.75<\/td>\n3<\/td>\n0.5961 %<\/td>\n1,611.1<\/td>\n<\/tr>\n
OpRet<\/td>\n5.04 %<\/td>\n3.76 %<\/td>\n128,655<\/td>\n0.97<\/td>\n15<\/td>\n0.1253 %<\/td>\n2,160.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.97 %<\/td>\n6.75 %<\/td>\n54,773<\/td>\n4.28<\/td>\n3<\/td>\n-0.3588 %<\/td>\n1,823.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.02 %<\/td>\n8.03 %<\/td>\n27,781<\/td>\n0.57<\/td>\n1<\/td>\n0.3021 %<\/td>\n1,979.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1126 %<\/td>\n1,716.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.38 %<\/td>\n6.33 %<\/td>\n160,892<\/td>\n13.43<\/td>\n71<\/td>\n0.1126 %<\/td>\n1,581.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.74 %<\/td>\n4.98 %<\/td>\n487,414<\/td>\n4.45<\/td>\n37<\/td>\n0.1749 %<\/td>\n1,978.6<\/td>\n<\/tr>\n<\/table>\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
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 16.02
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 22.79
\nEvaluated at bid price : 22.93
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 11.68
\nEvaluated at bid price : 11.68
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.79
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.72
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-06-28
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.49
\nBid-YTW : -17.00 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 11.77
\nEvaluated at bid price : 11.77
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 17.89
\nEvaluated at bid price : 17.89
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 20.83
\nEvaluated at bid price : 20.83
\nBid-YTW : 6.25 %<\/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>\n120,470<\/td>\nNesbitt crossed 100,000 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 24.89
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n101,035<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n67,476<\/td>\nRBC sold 10,000 to National at 26.70 and crossed another 39,100 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.66
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n45,250<\/td>\nNesbitt crossed 23,300 at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.72
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n43,315<\/td>\nRBC crossed 20,000 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 24.93
\nEvaluated at bid price : 24.98
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n35,585<\/td>\nRBC crossed 20,000 at 18.58.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-05-29
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
There were 49 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Remember Jefferson County? It was last mentioned on September 28 … it’s becoming more farcical all the time: Circuit Judge David Rains allowed the county in March to collect and spend the tax while 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-6704","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6704","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=6704"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6704\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}