Well, here’s one way to compete in the financial industry:
When Edward Jones broker Paul Betenbaugh in California wanted to exact revenge on a rival, he went too far. He impersonated the competitor and posted ads on the Internet that solicited men for sexual encounters, according to a Tuesday order from the Financial Industry Regulatory Authority. The ads included the other broker’s business cell phone number, resulting in a number of unwanted calls and text messages, Finra said.
PerpetualDiscounts now yield 5.24%, equivalent to 6.81% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 385bp, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 295bp, a significant narrowing from the 305bp reported January 17.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0267 % | 2,881.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0267 % | 5,286.5 |
| Floater | 3.45 % | 3.60 % | 40,187 | 18.30 | 4 | -0.0267 % | 3,046.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1471 % | 3,161.9 |
| SplitShare | 4.64 % | 4.11 % | 66,550 | 3.38 | 5 | -0.1471 % | 3,776.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1471 % | 2,946.2 |
| Perpetual-Premium | 5.37 % | -2.28 % | 68,527 | 0.09 | 18 | -0.0072 % | 2,864.0 |
| Perpetual-Discount | 5.29 % | 5.24 % | 70,346 | 15.01 | 16 | 0.1258 % | 3,004.5 |
| FixedReset | 4.21 % | 4.50 % | 144,687 | 4.04 | 101 | -0.0610 % | 2,531.8 |
| Deemed-Retractible | 5.06 % | 5.50 % | 83,537 | 5.82 | 28 | 0.1414 % | 2,954.7 |
| FloatingReset | 3.04 % | 2.92 % | 41,391 | 3.78 | 10 | -0.0043 % | 2,769.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.M | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.03 % |
| MFC.PR.J | FixedReset | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 5.08 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.I | FixedReset | 133,135 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 3.38 % |
| BIP.PR.E | FixedReset | 129,274 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-24 Maturity Price : 23.12 Evaluated at bid price : 24.90 Bid-YTW : 4.97 % |
| NA.PR.E | FixedReset | 86,785 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-24 Maturity Price : 23.06 Evaluated at bid price : 24.75 Bid-YTW : 4.57 % |
| CM.PR.S | FixedReset | 53,519 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-24 Maturity Price : 23.13 Evaluated at bid price : 24.90 Bid-YTW : 4.42 % |
| TD.PF.C | FixedReset | 52,627 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-24 Maturity Price : 23.11 Evaluated at bid price : 23.45 Bid-YTW : 4.50 % |
| RY.PR.D | Deemed-Retractible | 33,695 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-02-23 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : -13.70 % |
| There were 38 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.A | Floater | Quote: 19.45 – 20.00 Spot Rate : 0.5500 Average : 0.3724 YTW SCENARIO |
| MFC.PR.M | FixedReset | Quote: 24.00 – 24.48 Spot Rate : 0.4800 Average : 0.3077 YTW SCENARIO |
| MFC.PR.F | FixedReset | Quote: 18.95 – 19.47 Spot Rate : 0.5200 Average : 0.3792 YTW SCENARIO |
| BAM.PF.D | Perpetual-Discount | Quote: 22.44 – 22.88 Spot Rate : 0.4400 Average : 0.3118 YTW SCENARIO |
| SLF.PR.H | FixedReset | Quote: 22.01 – 22.30 Spot Rate : 0.2900 Average : 0.1907 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 24.02 – 24.30 Spot Rate : 0.2800 Average : 0.1837 YTW SCENARIO |