{"id":9081,"date":"2009-12-18T23:17:14","date_gmt":"2009-12-19T03:17:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9081"},"modified":"2009-12-18T23:17:14","modified_gmt":"2009-12-19T03:17:14","slug":"december-18-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9081","title":{"rendered":"December 18, 2009"},"content":{"rendered":"

Deutsche Bank is marching to a different drummer – worrying about competition<\/a>, of all things!:<\/p>\n

Deutsche Bank AG, Germany\u2019s biggest bank, plans to spread the costs of the U.K. bonus tax to all employees worldwide, risking a backlash from bankers outside of London.<\/p>\n

Chief Executive Officer Josef Ackermann, in an interview with the Financial Times, said the bank wouldn\u2019t restrict the cost of the tax to the U.K. bonus pool.<\/p>\n

\u201cWe will clearly globalize it,\u201d Ackermann said. \u201cIf parts are paid out of the bonus pool, we would seek to globalize it. It would be unfair to treat the U.K. bankers differently.\u201d
…<\/b>
Ackermann told the Financial Times today that governments shouldn\u2019t interfere in setting pay, saying bonuses should be the result of \u201csupply and demand for skilled people.\u201d<\/p><\/blockquote>\n

The Federal Reserve Bank of Cleveland has published the December edition of Economic Trends<\/a>. The article on “Supply and Demand Shocks in Residential Mortgages” was interesting, although not noteworthy enough to merit a dedicated post.<\/p>\n

A solid, though hardly spectacular, day for preferreds today, with PerpetualDiscounts up 9bp and FixedResets gaining 3bp. This is the eighth consecutive day of gains for FixedResets and they’re up about 78bp on the month-to-date. Volume was good; it should slow down next week, but the pending settlement of the YPG new FixedReset<\/a> should give the traders something to do.<\/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>\n0.4886 %<\/td>\n1,570.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.66 %<\/td>\n3.81 %<\/td>\n42,379<\/td>\n19.03<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,750.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.50 %<\/td>\n2.93 %<\/td>\n101,327<\/td>\n19.91<\/td>\n3<\/td>\n0.4886 %<\/td>\n1,962.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n-8.55 %<\/td>\n131,339<\/td>\n0.09<\/td>\n15<\/td>\n0.1173 %<\/td>\n2,320.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.44 %<\/td>\n-4.88 %<\/td>\n240,424<\/td>\n0.08<\/td>\n2<\/td>\n0.0222 %<\/td>\n2,085.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1173 %<\/td>\n2,122.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.88 %<\/td>\n5.83 %<\/td>\n81,802<\/td>\n2.33<\/td>\n7<\/td>\n-0.0909 %<\/td>\n1,877.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.78 %<\/td>\n5.83 %<\/td>\n198,878<\/td>\n14.06<\/td>\n68<\/td>\n0.0905 %<\/td>\n1,799.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.40 %<\/td>\n3.68 %<\/td>\n350,809<\/td>\n3.87<\/td>\n41<\/td>\n0.0330 %<\/td>\n2,164.9<\/td>\n<\/tr>\n<\/table>\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.C<\/td>\nFixedReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.25
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
BAM.PR.P<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.35
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-18
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.38
\nBid-YTW : 5.98 %<\/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
IGM.PR.B<\/td>\nPerpetual-Discount<\/td>\n207,679<\/td>\nInventory blow-out<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-18
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.29
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n193,911<\/td>\nDesjardins crossed two blocks, of 125,000 and 31,300 shares, both at 28.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.89
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\n102,098<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-07-30
\nMaturity Price : 25.67
\nEvaluated at bid price : 25.98
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n53,612<\/td>\nNesbitt crossed 50,000 at 27.15.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.15
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n43,160<\/td>\nTD crossed 17,100 at 28.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.84
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n41,200<\/td>\nRBC crossed 20,000 at 27.80 and 10,000 at 27.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.80
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
There were 38 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Deutsche Bank is marching to a different drummer – worrying about competition, of all things!: Deutsche Bank AG, Germany\u2019s biggest bank, plans to spread the costs of the U.K. bonus tax to all employees worldwide, …<\/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-9081","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9081","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=9081"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9081\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}