{"id":9754,"date":"2010-02-18T22:40:54","date_gmt":"2010-02-19T02:40:54","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9754"},"modified":"2010-02-18T22:40:54","modified_gmt":"2010-02-19T02:40:54","slug":"february-18-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9754","title":{"rendered":"February 18, 2010"},"content":{"rendered":"

There are mutterings that maybe London isn’t as bad as all that<\/a>, taxes and all:<\/p>\n

Heavy tax demands on London’s under-fire hedge fund industry are unlikely to spark an exodus of operators to rival financial hubs such as Dublin or Geneva, a survey by property advisor Cushman & Wakefield showed.<\/p>\n

The study into the impact of taxation on corporate locations showed only one in 10 UK-based companies considered national tax policy or government incentives as an “absolutely essential” factor when choosing a location for their businesses.<\/p>\n

Instead, financial occupiers like hedge funds prize ease of international travel, good internal infrastructure and access to a diverse labour market over fiscal policy, putting London ahead of traditional rival Geneva on all counts, the report showed.<\/p><\/blockquote>\n

Volume moderated a little on a day enlivened by the ACO.PR.A redemption announcement<\/a> and a a new FixedReset issue, 5.25%+262<\/a>, from Brookfield Renewable Power Preferred Equity. PerpetualDiscounts lost 6bp and FixedResets were down 4bp.<\/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>\n2.91 %<\/td>\n3.48 %<\/td>\n29,754<\/td>\n20.43<\/td>\n1<\/td>\n2.4211 %<\/td>\n1,899.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.71 %<\/td>\n3.78 %<\/td>\n40,123<\/td>\n19.23<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,769.5<\/td>\n<\/tr>\n
Floater<\/td>\n1.99 %<\/td>\n1.71 %<\/td>\n45,044<\/td>\n23.28<\/td>\n4<\/td>\n0.1642 %<\/td>\n2,314.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n-1.20 %<\/td>\n106,626<\/td>\n0.09<\/td>\n13<\/td>\n-0.2503 %<\/td>\n2,321.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.35 %<\/td>\n-8.01 %<\/td>\n131,490<\/td>\n0.08<\/td>\n2<\/td>\n0.7489 %<\/td>\n2,150.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2503 %<\/td>\n2,122.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.75 %<\/td>\n5.34 %<\/td>\n84,518<\/td>\n5.91<\/td>\n7<\/td>\n-0.0790 %<\/td>\n1,901.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.83 %<\/td>\n5.86 %<\/td>\n168,668<\/td>\n14.09<\/td>\n69<\/td>\n-0.0588 %<\/td>\n1,809.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.41 %<\/td>\n3.56 %<\/td>\n304,917<\/td>\n3.76<\/td>\n42<\/td>\n-0.0375 %<\/td>\n2,186.2<\/td>\n<\/tr>\n<\/table>\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
ACO.PR.A<\/td>\nOpRet<\/td>\n-2.29 %<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-03-20
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.60
\nBid-YTW : -1.20 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 22.49
\nEvaluated at bid price : 23.23
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 18.01
\nEvaluated at bid price : 18.01
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.45
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.46
\nBid-YTW : 3.48 %<\/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
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n116,389<\/td>\nNesbitt crossed 100,000 at 20.26.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 20.24
\nEvaluated at bid price : 20.24
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n114,382<\/td>\nDesjardins crossed 100,000 at 28.19.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.19
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n105,620<\/td>\nNesbitt crossed two blocks of 50,000 each at 21.80.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.76
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\n90,207<\/td>\nCalled for redemption<\/a>. RBC bought 10,000 from Laurentian at 25.65. Desjardins crossed 41,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-03-20
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.60
\nBid-YTW : -1.20 %<\/td>\n<\/tr>\n
TD.PR.N<\/td>\nOpRet<\/td>\n80,100<\/td>\nRBC crossed 75,000 at 26.21.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-03-20
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.18
\nBid-YTW : -1.48 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n76,041<\/td>\nTD crossed 47,300 at 22.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-02-18
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.94
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
There were 33 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are mutterings that maybe London isn’t as bad as all that, taxes and all: Heavy tax demands on London’s under-fire hedge fund industry are unlikely to spark an exodus of operators to rival financial …<\/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-9754","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9754","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=9754"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9754\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}