{"id":8296,"date":"2009-10-16T01:05:02","date_gmt":"2009-10-16T05:05:02","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8296"},"modified":"2009-10-16T01:05:02","modified_gmt":"2009-10-16T05:05:02","slug":"october-15-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8296","title":{"rendered":"October 15, 2009"},"content":{"rendered":"<p>A day enlivened by the <a href=\"http:\/\/www.prefblog.com\/?p=8294\">settlement of IAG.PR.E<\/a>.<\/p>\n<p>Otherwise, we were back to same-old, same-old, with PerpetualDiscounts losing 26bp and FixedResets gaining 4bp, total return. Volume was good, with PerpetualDiscounts being the majority of the volume highlights table.<\/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>-1.1791 %<\/td>\n<td>1,465.8<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>5.74 %<\/td>\n<td>3.90 %<\/td>\n<td>44,438<\/td>\n<td>18.98<\/td>\n<td>1<\/td>\n<td>3.7240 %<\/td>\n<td>2,713.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.66 %<\/td>\n<td>3.09 %<\/td>\n<td>109,408<\/td>\n<td>19.51<\/td>\n<td>3<\/td>\n<td>-1.1791 %<\/td>\n<td>1,831.2<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.91 %<\/td>\n<td>-1.94 %<\/td>\n<td>121,831<\/td>\n<td>0.09<\/td>\n<td>15<\/td>\n<td>-0.1543 %<\/td>\n<td>2,276.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>6.43 %<\/td>\n<td>6.50 %<\/td>\n<td>604,968<\/td>\n<td>3.97<\/td>\n<td>2<\/td>\n<td>0.0888 %<\/td>\n<td>2,056.6<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/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>-0.1543 %<\/td>\n<td>2,081.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.93 %<\/td>\n<td>5.95 %<\/td>\n<td>145,818<\/td>\n<td>13.93<\/td>\n<td>11<\/td>\n<td>-0.2427 %<\/td>\n<td>1,843.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.94 %<\/td>\n<td>6.02 %<\/td>\n<td>223,360<\/td>\n<td>13.88<\/td>\n<td>63<\/td>\n<td>-0.2601 %<\/td>\n<td>1,741.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.52 %<\/td>\n<td>4.19 %<\/td>\n<td>472,577<\/td>\n<td>4.03<\/td>\n<td>41<\/td>\n<td>0.0391 %<\/td>\n<td>2,106.0<\/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>ELF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.59 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 19.52<br \/>\nEvaluated at bid price : 19.52<br \/>\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 17.61<br \/>\nEvaluated at bid price : 17.61<br \/>\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.55 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 21.61<br \/>\nEvaluated at bid price : 21.61<br \/>\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n<tr>\n<td>ACO.PR.A<\/td>\n<td>OpRet<\/td>\n<td>-1.49 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2009-12-31<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.81<br \/>\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-1.47 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 12.76<br \/>\nEvaluated at bid price : 12.76<br \/>\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>-1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 12.81<br \/>\nEvaluated at bid price : 12.81<br \/>\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.G<\/td>\n<td>Perpetual-Premium<\/td>\n<td>-1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 23.37<br \/>\nEvaluated at bid price : 23.66<br \/>\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n<tr>\n<td>IGM.PR.A<\/td>\n<td>OpRet<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2009-11-14<br \/>\nMaturity Price  : 26.00<br \/>\nEvaluated at bid price : 26.91<br \/>\nBid-YTW : -30.95 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 21.67<br \/>\nEvaluated at bid price : 22.02<br \/>\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 20.88<br \/>\nEvaluated at bid price : 20.88<br \/>\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 20.32<br \/>\nEvaluated at bid price : 20.32<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>3.72 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.94<br \/>\nBid-YTW : 3.90 %<\/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>IAG.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>170,412<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=8294\">New issue settled today<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 24.07<br \/>\nEvaluated at bid price : 24.26<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>99,708<\/td>\n<td>Nesbitt crossed 37,000 at 19.48; RBC bought two blocks from anonymous, 15,300 at 19.35 and 22,900 at 19.37.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 19.39<br \/>\nEvaluated at bid price : 19.39<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>79,890<\/td>\n<td>Nesbitt crossed 50,000 at 27.65.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-09-23<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.62<br \/>\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>76,410<\/td>\n<td>Desjardins crossed 60,000 at 19.75.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 19.74<br \/>\nEvaluated at bid price : 19.74<br \/>\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>66,560<\/td>\n<td>National crossed 25,000 at 27.20; RBC crossed 32,000 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-08-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.20<br \/>\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.P<\/td>\n<td>Perpetual-Discount<\/td>\n<td>59,825<\/td>\n<td>Nesbitt crossed 48,100 at 22.70.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-10-15<br \/>\nMaturity Price  : 22.42<br \/>\nEvaluated at bid price : 22.55<br \/>\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 48 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>A day enlivened by the settlement of IAG.PR.E. Otherwise, we were back to same-old, same-old, with PerpetualDiscounts losing 26bp and FixedResets gaining 4bp, total return. Volume was good, with PerpetualDiscounts being the majority of the &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-8296","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8296","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=8296"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8296\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}