{"id":9312,"date":"2010-01-09T00:44:38","date_gmt":"2010-01-09T04:44:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9312"},"modified":"2010-01-09T00:44:38","modified_gmt":"2010-01-09T04:44:38","slug":"january-8-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9312","title":{"rendered":"January 8, 2010"},"content":{"rendered":"

One way of recruiting in a bonus-hostile environment is to double base pay<\/a>:<\/p>\n

London\u2019s investment banks are luring back traders and analysts they lost to brokerage firms during the credit crisis, compensating for lower bonuses by as much as doubling base salaries.
…<\/b>
The hires show how London\u2019s investment banks are regrouping after boutique firms poached traders during the credit crisis with the promise of greater job security and a bonus. London\u2019s investment banks cut about 49,000 jobs and logged more than $560 billion of writedowns during the credit crisis, according to data compiled by Bloomberg. Brokers including Eden Financial Ltd. and Liberum Capital Ltd. added sales traders and analysts to win clients from rivals that had received taxpayer bailouts.
…<\/b>
While bankers are considering their options on relocating to Germany or Switzerland to avoid the tax, [headhunter Jason] Kennedy said the bonus levy isn\u2019t an issue for traders and bankers looking to move after April to larger firms because the government has said the charge will apply only to this year\u2019s bonuses. <\/p><\/blockquote>\n

Holy smokes, this market’s on wheels. PerpetualDiscounts were up 46bp today and FixedResets gained 11bp, this being accomplished in a fairly well-behaved manner – there are only eight entries on the performance highlights table. Volume eased off a bit, but was still reasonably respectable.<\/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>\n0.4864 %<\/td>\n1,715.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.70 %<\/td>\n3.85 %<\/td>\n35,752<\/td>\n18.95<\/td>\n1<\/td>\n-1.0886 %<\/td>\n2,733.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.29 %<\/td>\n2.64 %<\/td>\n110,041<\/td>\n20.70<\/td>\n3<\/td>\n0.4864 %<\/td>\n2,143.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.81 %<\/td>\n-10.64 %<\/td>\n110,011<\/td>\n0.09<\/td>\n13<\/td>\n0.0792 %<\/td>\n2,334.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.36 %<\/td>\n-6.46 %<\/td>\n172,588<\/td>\n0.08<\/td>\n2<\/td>\n0.2199 %<\/td>\n2,111.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0792 %<\/td>\n2,134.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76 %<\/td>\n5.58 %<\/td>\n147,017<\/td>\n2.28<\/td>\n12<\/td>\n0.0230 %<\/td>\n1,904.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.72 %<\/td>\n5.75 %<\/td>\n183,881<\/td>\n14.28<\/td>\n63<\/td>\n0.4589 %<\/td>\n1,835.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.39 %<\/td>\n3.48 %<\/td>\n318,752<\/td>\n3.87<\/td>\n41<\/td>\n0.1120 %<\/td>\n2,184.6<\/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
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-09-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.32
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.08
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 14.91
\nEvaluated at bid price : 14.91
\nBid-YTW : 2.65 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 20.45
\nEvaluated at bid price : 20.45
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.94
\nBid-YTW : 5.71 %<\/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
TRP.PR.A<\/td>\nFixedReset<\/td>\n190,721<\/td>\nNesbitt crossed blocks of 50,000 and 70,000 at 25.90, then bought blocks of 23,700 and 10,600 from National at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n64,040<\/td>\nScotia sold 10,000 to TD at 26.46, then another 14,400 at 26.45, then crossed 25,700 at 26.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n56,329<\/td>\nRBC sold 12,700 to Scotia at 20.72, then crossed 30,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 20.72
\nEvaluated at bid price : 20.72
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n37,476<\/td>\nRBC crossed 25,000 at 28.17.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.16
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n31,393<\/td>\nNesbitt crossed 19,200 at 14.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 14.99
\nEvaluated at bid price : 14.99
\nBid-YTW : 2.64 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Discount<\/td>\n29,725<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-08
\nMaturity Price : 24.54
\nEvaluated at bid price : 24.75
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
There were 27 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

One way of recruiting in a bonus-hostile environment is to double base pay: London\u2019s investment banks are luring back traders and analysts they lost to brokerage firms during the credit crisis, compensating for lower bonuses …<\/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-9312","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9312","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=9312"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9312\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}