{"id":9635,"date":"2010-02-04T23:36:06","date_gmt":"2010-02-05T03:36:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9635"},"modified":"2010-02-04T23:36:06","modified_gmt":"2010-02-05T03:36:06","slug":"february-4-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9635","title":{"rendered":"February 4, 2010"},"content":{"rendered":"

Deutsche Bank is using the compensation hysteria to put golden handcuffs on the peons<\/a>:<\/p>\n

A significant proportion of compensation will, where applicable, be deferred. Deferred compensation will be a combination of restricted equity awards (75%) and restricted incentive awards (25%).<\/p>\n

* The restricted equity award will vest in nine equal instalments over 3\u00be years, while the restricted incentive award will vest in three equal instalments over three years.<\/p>\n

* All restricted equity and restricted incentive awards will continue to be subject to claw-back in the case of policy\/regulatory breach.<\/p><\/blockquote>\n

And, of course, if they don’t feel like living up to their side of the bargain, inventing a policy\/regulatory breach is easy enough. The best job of the brave new world? Employment contract litigator.<\/p>\n

Some players are reducing their risk<\/a>:<\/p>\n

Two Citigroup Inc. executives running a proprietary-trading unit quit to join hedge fund Moore Capital Management LP, amid concern the government might order U.S. banks to exit trading businesses that don\u2019t cater to customers, people briefed on the matter said.<\/p>\n

Matthew Carpenter, a 15-year Citigroup veteran who had assembled the unit over the past three years, is leaving the bank along with his deputy, Matthew Newton, Citigroup spokesman Alex Samuelson said. The group trades U.S. stocks in several industries, Samuelson said.<\/p><\/blockquote>\n

In yet another instance of regulatory extortion, the SEC has admitted that State Street did nothing wrong<\/a> but is paying $300-million anyway<\/a>. Nobody’s been fired, nobody’s lost their license, back to business as usual. The trend towards bureaucratic ursurpation of the role of the courts, in all aspects of life, continues.<\/p>\n

PerpetualDiscounts continued to slide today, losing 17bp, while FixedResets were down slightly less than 1bp. Volume continued to be on the heavy side.<\/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>\n3.08 %<\/td>\n3.75 %<\/td>\n28,727<\/td>\n20.12<\/td>\n1<\/td>\n1.8837 %<\/td>\n1,795.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.72 %<\/td>\n3.79 %<\/td>\n35,338<\/td>\n19.24<\/td>\n1<\/td>\n3.2048 %<\/td>\n2,762.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.09 %<\/td>\n1.76 %<\/td>\n41,224<\/td>\n23.12<\/td>\n4<\/td>\n0.4408 %<\/td>\n2,194.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.86 %<\/td>\n-3.97 %<\/td>\n110,416<\/td>\n0.09<\/td>\n13<\/td>\n-0.1360 %<\/td>\n2,314.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.33 %<\/td>\n6.29 %<\/td>\n154,966<\/td>\n3.74<\/td>\n2<\/td>\n1.7559 %<\/td>\n2,120.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1360 %<\/td>\n2,116.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76 %<\/td>\n5.46 %<\/td>\n81,605<\/td>\n2.02<\/td>\n7<\/td>\n0.1114 %<\/td>\n1,893.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.81 %<\/td>\n5.84 %<\/td>\n172,907<\/td>\n14.10<\/td>\n69<\/td>\n-0.1741 %<\/td>\n1,814.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.43 %<\/td>\n3.61 %<\/td>\n318,933<\/td>\n3.80<\/td>\n42<\/td>\n-0.0071 %<\/td>\n2,179.1<\/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
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.31
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 20.08
\nEvaluated at bid price : 20.08
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.78
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.52
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.39
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
BNA.PR.D<\/td>\nSplitShare<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-07-09
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.26
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n3.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 3.79 %<\/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
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n95,345<\/td>\nRBC crossed 84,700 at 24.92.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 24.58
\nEvaluated at bid price : 24.81
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n63,500<\/td>\nCIBC sold 25,000 to National at 27.80, then another 19,400 to Desjardins at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.78
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n50,760<\/td>\nDesjardins crossed 48,000 at 27.71.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.70
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
MFC.PR.E<\/td>\nFixedReset<\/td>\n41,870<\/td>\nNesbitt crossed 25,000 at 27.27.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.10
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n33,907<\/td>\nNesbitt crossed 20,000 at 26.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-09-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n29,565<\/td>\nNesbitt crossed 20,000 at 19.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-04
\nMaturity Price : 19.12
\nEvaluated at bid price : 19.12
\nBid-YTW : 5.90 %<\/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":"

Deutsche Bank is using the compensation hysteria to put golden handcuffs on the peons: A significant proportion of compensation will, where applicable, be deferred. Deferred compensation will be a combination of restricted equity awards (75%) …<\/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-9635","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9635","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=9635"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9635\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}