{"id":9697,"date":"2010-02-12T22:39:26","date_gmt":"2010-02-13T02:39:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9697"},"modified":"2010-02-12T22:39:26","modified_gmt":"2010-02-13T02:39:26","slug":"february-12-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9697","title":{"rendered":"February 12, 2010"},"content":{"rendered":"

Looks like Toyota learned lessons from the securities industry<\/a>:<\/p>\n

Former regulators hired by Toyota Motor Corp. helped end at least four U.S. investigations of unintended acceleration by company vehicles in the last decade, warding off possible recalls, court and government records show.<\/p><\/blockquote>\n

Comrade Peace-Prize’s regulatory reforms are bogging down<\/a>:<\/p>\n

Senator Bob Corker, the lead Republican negotiator on legislation to overhaul financial regulation, said he is considering removing the Federal Reserve\u2019s power to oversee banks.
…<\/b>
Corker made clear that his agreement to work with Senator Christopher Dodd, the Connecticut Democrat who leads the Senate Banking Committee, would require President Barack Obama to make significant concessions to get his long-stalled financial reform proposal through the Senate.<\/p>\n

Beyond reducing the Fed\u2019s bank supervisory role, Corker said he could not support a standalone Consumer Financial Protection Agency, a top priority for Obama. In addition, Corker appeared unwilling to back the president\u2019s call for mandatory limits on banks\u2019 size and trading activities. And he suggested he was nearing agreement with Dodd on using bankruptcy laws to wind down large, failing companies, rather than the out-of-court resolution process Obama prefers.<\/p><\/blockquote>\n

There’s moral hazard in Greece<\/a>:<\/p>\n

BlackRock Inc., the world\u2019s biggest asset manager, increased its Greek bond holdings, betting the European Union won\u2019t allow the nation to default as Prime Minister George Papandreou cuts the bloc\u2019s biggest deficit.
…<\/b>
\u201cThey won\u2019t allow a Lehman-type crisis,\u201d said [Blackrock co-head of European fixed-income Michael] Krautzberger, who helps oversee BlackRock\u2019s $3.35 trillion of assets. \u201cThe market has worried too much about an imminent government default in Europe that will not happen because of the solidarity.\u201d<\/p><\/blockquote>\n

I wonder if countries will be required to produce “living wills”, hold liquid assets, have their management removed, vilified and investigated for fraud, or any of the other fun games we’ve had recently?<\/p>\n

Light volume today, as traders were too busy watching money be thrown away<\/a> to be bothered trying to make any. PerpetualDiscounts were off 6bp, but FixedResets were up 11bp, with yields on the latter issues again beginning to flirt with the 3.50% level.<\/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>\n3.01 %<\/td>\n3.64 %<\/td>\n28,817<\/td>\n20.24<\/td>\n1<\/td>\n0.3200 %<\/td>\n1,836.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.69 %<\/td>\n3.77 %<\/td>\n36,589<\/td>\n19.26<\/td>\n1<\/td>\n0.2625 %<\/td>\n2,776.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.02 %<\/td>\n1.75 %<\/td>\n42,050<\/td>\n23.16<\/td>\n4<\/td>\n0.5795 %<\/td>\n2,279.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.84 %<\/td>\n-2.36 %<\/td>\n103,655<\/td>\n0.09<\/td>\n13<\/td>\n0.0324 %<\/td>\n2,325.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.31 %<\/td>\n3.63 %<\/td>\n134,610<\/td>\n0.08<\/td>\n2<\/td>\n0.0871 %<\/td>\n2,130.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0324 %<\/td>\n2,126.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.75 %<\/td>\n5.26 %<\/td>\n87,366<\/td>\n2.00<\/td>\n7<\/td>\n-0.1072 %<\/td>\n1,901.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.83 %<\/td>\n5.86 %<\/td>\n166,945<\/td>\n14.08<\/td>\n69<\/td>\n-0.0601 %<\/td>\n1,810.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.41 %<\/td>\n3.52 %<\/td>\n313,411<\/td>\n3.78<\/td>\n42<\/td>\n0.1109 %<\/td>\n2,186.1<\/td>\n<\/tr>\n<\/table>\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.K<\/td>\nPerpetual-Discount<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-12
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-12
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 2.39 %<\/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
TRI.PR.B<\/td>\nFloater<\/td>\n226,700<\/td>\nNesbitt crossed three blocks, one of 125,000 and two of 50,000, all at 22.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-12
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.25
\nBid-YTW : 1.75 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n128,619<\/td>\nNesbitt crossed 100,000 at 20.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-12
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n78,256<\/td>\nRBC crossed 20,000 at 26.45, then Desjardins crossed 49,600 at 26.42.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.42
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n49,985<\/td>\nNesbitt crossed 40,000 at 19.25.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-12
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n32,625<\/td>\nNational crossed 25,000 at 27.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.95
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
TD.PR.N<\/td>\nOpRet<\/td>\n31,720<\/td>\nRBC crossed 30,000 at 26.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-03-14
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.18
\nBid-YTW : -2.36 %<\/td>\n<\/tr>\n
There were 19 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Looks like Toyota learned lessons from the securities industry: Former regulators hired by Toyota Motor Corp. helped end at least four U.S. investigations of unintended acceleration by company vehicles in the last decade, warding off …<\/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-9697","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9697","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=9697"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9697\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}