{"id":9418,"date":"2010-01-15T20:39:28","date_gmt":"2010-01-16T00:39:28","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9418"},"modified":"2010-01-15T20:39:28","modified_gmt":"2010-01-16T00:39:28","slug":"january-15-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9418","title":{"rendered":"January 15, 2010"},"content":{"rendered":"

Mary Schapiro of the SEC testified to the Crisis Committee<\/a>. It’s lightweight bureaucratic fluff, especially when compared to Sheila Bair’s testimony<\/a>, which was a joy to read since it contained actual arguments.<\/p>\n

The previously mocked<\/a> HAMP is looking more sickly by the minute<\/a>:<\/p>\n

About 25 percent of homeowners who received trial loan modifications through President Barack Obama\u2019s main foreclosure prevention plan are failing to keep up with their new reduced payments, the Treasury Department said.<\/p>\n

At least 196,000 borrowers have missed some or all of their required payments, according to comments Treasury officials made on a conference call today and calculations from government data. An additional 115,000 homeowners who started trial repayment plans last year have either dropped out or been kicked out of Obama\u2019s Home Affordable Modification Program, the officials said.
…<\/b>
Turning around the U.S. housing market is one of Obama\u2019s top priorities, Lawrence Summers, the president\u2019s top economic adviser, told reporters yesterday. The administration has put off restructuring federally controlled mortgage-finance companies Fannie Mae and Freddie Mac while they are administering the mortgage- modification program.<\/p><\/blockquote>\n

PerpetualDiscounts had a nothing day on the Canadian preferred share market, losing a quarter of a beep, but FixedResets bounced back strongly, gaining 13bp. Volume was heavy.<\/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>\n0.4882 %<\/td>\n1,709.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.89 %<\/td>\n3.95 %<\/td>\n35,508<\/td>\n19.08<\/td>\n1<\/td>\n1.0959 %<\/td>\n2,682.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.30 %<\/td>\n2.63 %<\/td>\n109,631<\/td>\n20.71<\/td>\n3<\/td>\n0.4882 %<\/td>\n2,135.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.84 %<\/td>\n-3.74 %<\/td>\n116,926<\/td>\n0.09<\/td>\n13<\/td>\n0.1034 %<\/td>\n2,319.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.35 %<\/td>\n-4.00 %<\/td>\n184,077<\/td>\n0.08<\/td>\n2<\/td>\n0.0219 %<\/td>\n2,114.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1034 %<\/td>\n2,121.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.78 %<\/td>\n5.63 %<\/td>\n145,233<\/td>\n2.26<\/td>\n12<\/td>\n-0.1286 %<\/td>\n1,896.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.73 %<\/td>\n5.74 %<\/td>\n178,385<\/td>\n14.28<\/td>\n63<\/td>\n-0.0025 %<\/td>\n1,833.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.40 %<\/td>\n3.56 %<\/td>\n329,303<\/td>\n3.85<\/td>\n42<\/td>\n0.1264 %<\/td>\n2,180.1<\/td>\n<\/tr>\n<\/table>\n\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
TD.PR.Y<\/td>\nFixedReset<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\n-1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-02-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : -0.85 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 15.06
\nEvaluated at bid price : 15.06
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.45
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 21.61
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.74
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.58
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 23.09
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.51 %<\/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
BAM.PR.R<\/td>\nFixedReset<\/td>\n288,715<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n192,570<\/td>\nRBC crossed 190,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-07-19
\nMaturity Price : 26.25
\nEvaluated at bid price : 26.50
\nBid-YTW : 2.60 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n147,424<\/td>\nRBC bought 10,000 from Nesbitt at 26.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.58
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
BAM.PR.P<\/td>\nFixedReset<\/td>\n96,780<\/td>\nNesbitt crossed 68,700 at 27.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.18
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n61,813<\/td>\nRBC crossed 50,000 at 19.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 19.37
\nEvaluated at bid price : 19.37
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n50,360<\/td>\nRBC crossed 49,400 at 20.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-01-15
\nMaturity Price : 20.26
\nEvaluated at bid price : 20.26
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
There were 46 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Mary Schapiro of the SEC testified to the Crisis Committee. It’s lightweight bureaucratic fluff, especially when compared to Sheila Bair’s testimony, which was a joy to read since it contained actual arguments. The previously mocked …<\/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-9418","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9418","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=9418"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9418\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}