{"id":7214,"date":"2009-07-10T21:08:30","date_gmt":"2009-07-11T01:08:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=7214"},"modified":"2009-07-10T21:08:30","modified_gmt":"2009-07-11T01:08:30","slug":"july-10-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=7214","title":{"rendered":"July 10, 2009"},"content":{"rendered":"

Bloomberg has a little more speculation regarding the CIT death-spiral<\/a>:<\/p>\n

The Federal Deposit Insurance Corp. is unwilling to guarantee CIT Group Inc.\u2019s bond sales because the commercial lender\u2019s credit quality is worsening, according to people familiar with the regulator\u2019s thinking.<\/p>\n

The FDIC, which has backed $274 billion in bond sales under its Temporary Liquidity Guarantee Program since Nov. 25, is concerned that standing behind CIT debt would put taxpayer money at risk, said the people, who declined to be identified because the application process is private.<\/p>\n

The federal agency, run by Chairman Sheila Bair, is in discussions with CIT about how the lender can strengthen its financial position to get approval, including raising capital, said one of the people. New York-based CIT\u2019s measures to improve its credit quality, such as by transferring assets to its bank, have been insufficient, the person said.<\/p><\/blockquote>\n

Comrade Obama is proposing extraordinary powers for the SEC<\/a>:<\/p>\n

The Obama administration is seeking to give the U.S. Securities and Exchange Commission power to prohibit pay practices at brokerages and investment advisers and broader authority to bar individuals from work in the industry.<\/p>\n

The Treasury Department today sent Congress legislation that would let the SEC ban \u201csales practices, conflicts of interest and compensation schemes\u201d deemed harmful to investors. The measure authorizes the agency to remove individuals who violate rules from all aspects of the industry, rather than just a specific segment such as selling securities or managing money.
…<\/b>
The measure gives the SEC authority to reward whistle blowers who give the agency tips about those violating all securities laws. The SEC currently has power to pay individuals who provide the agency with tips on insider-trading violations.<\/p><\/blockquote>\n

Super! Paid informers! Just the thing that’s needed to further improve society’s moral fibre!<\/p>\n

No response or acknowledgement from MFC regarding my queries on the MLI IT1C issue<\/a>. What a surprise!<\/p>\n

Continued gains, albeit pretty small ones, for preferred shares today. Volume dropped off a bit.<\/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>\n0.0558 %<\/td>\n1,155.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.05 %<\/td>\n5.42 %<\/td>\n36,904<\/td>\n16.43<\/td>\n1<\/td>\n0.1299 %<\/td>\n2,139.1<\/td>\n<\/tr>\n
Floater<\/td>\n3.30 %<\/td>\n3.85 %<\/td>\n76,185<\/td>\n17.76<\/td>\n3<\/td>\n0.0558 %<\/td>\n1,443.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.00 %<\/td>\n-3.78 %<\/td>\n121,805<\/td>\n0.09<\/td>\n15<\/td>\n-0.2696 %<\/td>\n2,207.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.14 %<\/td>\n4.68 %<\/td>\n85,535<\/td>\n4.16<\/td>\n4<\/td>\n-0.4563 %<\/td>\n1,909.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2696 %<\/td>\n2,018.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0831 %<\/td>\n1,757.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.31 %<\/td>\n6.29 %<\/td>\n157,676<\/td>\n13.46<\/td>\n71<\/td>\n0.0831 %<\/td>\n1,618.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.57 %<\/td>\n4.32 %<\/td>\n497,852<\/td>\n4.29<\/td>\n40<\/td>\n0.0403 %<\/td>\n2,062.5<\/td>\n<\/tr>\n<\/table>\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.H<\/td>\nOpRet<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
PWF.PR.J<\/td>\nOpRet<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-05-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.56
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 22.18
\nEvaluated at bid price : 22.45
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
CGI.PR.B<\/td>\nSplitShare<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2014-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 21.63
\nEvaluated at bid price : 21.63
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 23.08
\nEvaluated at bid price : 23.33
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 19.32
\nEvaluated at bid price : 19.32
\nBid-YTW : 6.05 %<\/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
BNA.PR.D<\/td>\nSplitShare<\/td>\n130,102<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-07-09
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n39,183<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 18.48
\nEvaluated at bid price : 18.48
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n33,930<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-07-10
\nMaturity Price : 24.86
\nEvaluated at bid price : 24.91
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
MFC.PR.E<\/td>\nFixedReset<\/td>\n33,860<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
GWO.PR.E<\/td>\nOpRet<\/td>\n25,221<\/td>\nRBC crossed 25,000 at 25.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-08-09
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.75
\nBid-YTW : -5.67 %<\/td>\n<\/tr>\n
HSB.PR.E<\/td>\nFixedReset<\/td>\n22,755<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.55
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
There were 31 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bloomberg has a little more speculation regarding the CIT death-spiral: The Federal Deposit Insurance Corp. is unwilling to guarantee CIT Group Inc.\u2019s bond sales because the commercial lender\u2019s credit quality is worsening, according to people …<\/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-7214","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7214","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=7214"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7214\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}