{"id":9293,"date":"2010-01-06T21:39:29","date_gmt":"2010-01-07T01:39:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9293"},"modified":"2010-01-06T21:39:29","modified_gmt":"2010-01-07T01:39:29","slug":"january-6-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9293","title":{"rendered":"January 6, 2010"},"content":{"rendered":"<p>A long comment by Assiduous Reader <i>prefhound<\/i> has been appended to the <a href=\"http:\/\/www.prefblog.com\/?p=9222\">January 4<\/a> post.<\/p>\n<p>The Federal Reserve Bank of Kansas City <a href=\"http:\/\/www.kansascityfed.org\/home\/subwebnav.cfm?level=3&#038;theID=10841&#038;SubWeb=10660\">has released<\/a> the <a href=\"http:\/\/www.kansascityfed.org\/publicat\/TEN\/PDF\/Winter2010\/TENcomplete.pdf\">TEN Magazine, Winter 2010<\/a> with feature articles:<\/p>\n<ul>\n<li>\u201cHow Will Unemployment Fare Following the Recession?\u201d\n<li>LIVESTOCK&#8217;S LONG ROAD: Recession, global pullback weigh on producers\n<li>COMING HOME : Resurgence of working-age residents may boost rural economies\n<li>RESIDENTIAL MORTGAGES AND COMMUNITY BANKS: Smaller insured financial institutions see less decline<\/ul>\n<p>Preferred shares continued their rally, with PerpetualDiscounts up 22bp and FixedResets gaining 6bp &#8211; which took the median weighted average yield for that index down to 3.49%. PerpetualDiscounts now yield 5.80%, equivalent to 8.12% interest at the standard equivalency factor of 1.4x. <a href=\"http:\/\/www.canadianbondindices.com\/ltbi.asp\">Long Corporates<\/a> continue to yield 6.0%, so the pre-tax interest-equivalent spread is now 212bp, continuing to tighten from its <a href=\"http:\/\/www.prefblog.com\/?p=9211\">December 31<\/a> figure of 220bp. Volume was good.<\/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>1.1974 %<\/td>\n<td>1,684.2<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>5.80 %<\/td>\n<td>3.94 %<\/td>\n<td>36,475<\/td>\n<td>18.83<\/td>\n<td>1<\/td>\n<td>-2.2917 %<\/td>\n<td>2,687.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.33 %<\/td>\n<td>2.71 %<\/td>\n<td>111,341<\/td>\n<td>20.51<\/td>\n<td>3<\/td>\n<td>1.1974 %<\/td>\n<td>2,104.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.83 %<\/td>\n<td>-10.06 %<\/td>\n<td>114,425<\/td>\n<td>0.09<\/td>\n<td>13<\/td>\n<td>0.1291 %<\/td>\n<td>2,327.6<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>6.39 %<\/td>\n<td>-4.67 %<\/td>\n<td>180,877<\/td>\n<td>0.08<\/td>\n<td>2<\/td>\n<td>0.0220 %<\/td>\n<td>2,103.2<\/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>0.1291 %<\/td>\n<td>2,128.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.77 %<\/td>\n<td>5.59 %<\/td>\n<td>148,142<\/td>\n<td>5.88<\/td>\n<td>12<\/td>\n<td>0.1627 %<\/td>\n<td>1,899.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.77 %<\/td>\n<td>5.80 %<\/td>\n<td>185,184<\/td>\n<td>14.25<\/td>\n<td>63<\/td>\n<td>0.2195 %<\/td>\n<td>1,820.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.40 %<\/td>\n<td>3.49 %<\/td>\n<td>330,555<\/td>\n<td>3.87<\/td>\n<td>41<\/td>\n<td>0.0640 %<\/td>\n<td>2,181.9<\/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>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>-2.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.76<br \/>\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n<tr>\n<td>TCA.PR.X<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 46.42<br \/>\nEvaluated at bid price : 49.70<br \/>\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-05-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.12<br \/>\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>-1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-09-14<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.66<br \/>\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>-1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-07-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 27.46<br \/>\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 21.60<br \/>\nEvaluated at bid price : 21.60<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 20.93<br \/>\nEvaluated at bid price : 20.93<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 24.07<br \/>\nEvaluated at bid price : 24.45<br \/>\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 21.89<br \/>\nEvaluated at bid price : 22.00<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 22.26<br \/>\nEvaluated at bid price : 22.40<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 22.12<br \/>\nEvaluated at bid price : 22.27<br \/>\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<tr>\n<td>TRI.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 21.37<br \/>\nEvaluated at bid price : 21.64<br \/>\nBid-YTW : 1.79 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>2.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 14.60<br \/>\nEvaluated at bid price : 14.60<br \/>\nBid-YTW : 2.71 %<\/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>TD.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>171,770<\/td>\n<td>Dundee sold blocks of 24,000 shares, 21,000 and 14,000 to RBC at 27.75 and sold 20,000 to Desjardins at the same price. Desjardins crossed 20,000 at 27.75; RBC crossed 64,000 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 : 27.75<br \/>\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>79,300<\/td>\n<td>Nesbitt crossed 50,000 at 14.62 and bought 21,600 from TD at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 14.60<br \/>\nEvaluated at bid price : 14.60<br \/>\nBid-YTW : 2.71 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.A<\/td>\n<td>OpRet<\/td>\n<td>72,200<\/td>\n<td>RBC crossed 69,100 at 26.69. I suspect the buyer didn&#8217;t read <a href=\"http:\/\/www.prefblog.com\/?p=9282\">last night&#8217;s post<\/a> on this issue!<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2010-02-05<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 26.60<br \/>\nBid-YTW : -53.83 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>69,673<\/td>\n<td>RBC crossed 14,300 at 28.15 and 40,000 at 28.18.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-09-23<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 28.12<br \/>\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>65,840<\/td>\n<td>RBC crossed blocks of 50,000 and 12,000 at 19.05. They also crossed 74,900 BNA.PR.B at 21.79, but this issue isn&#8217;t in the indices (volume concerns) and so doesn&#8217;t get reported in these tables.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2019-01-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 19.00<br \/>\nBid-YTW : 8.29 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>58,159<\/td>\n<td>Nesbitt crossed 35,000 at 23.45.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-01-06<br \/>\nMaturity Price  : 23.29<br \/>\nEvaluated at bid price : 23.44<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 41 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>A long comment by Assiduous Reader prefhound has been appended to the January 4 post. The Federal Reserve Bank of Kansas City has released the TEN Magazine, Winter 2010 with feature articles: \u201cHow Will Unemployment &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-9293","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9293","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=9293"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9293\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}