| Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version |
| Index |
Mean Current Yield (at bid) |
Mean YTW |
Mean Average Trading Value |
Mean Mod Dur (YTW) |
Issues |
Day’s Perf. |
Index Value |
| Ratchet |
4.18% |
4.04% |
46,829 |
10.62 |
2 |
0.9604% |
1,025.2 |
| Fixed-Floater |
4.97% |
3.85% |
201,040 |
6.66 |
7 |
0.6456% |
1,024.6 |
| Floater |
4.53% |
-18.28% |
77,160 |
6.51 |
5 |
0.0718% |
1,018.3 |
| Op. Retract |
4.69% |
2.09% |
88,814 |
2.42 |
17 |
-0.0501% |
1,016.2 |
| Split-Share |
4.93% |
3.69% |
62,648 |
3.03 |
10 |
-0.2360% |
1,015.5 |
| Interest Bearing |
6.87% |
4.56% |
54,878 |
2.04 |
7 |
0.1576% |
1,025.8 |
| Perpetual-Premium |
5.11% |
3.91% |
173,541 |
4.30 |
46 |
0.0939% |
1,031.8 |
| Perpetual-Discount |
4.59% |
4.61% |
608,834 |
16.19 |
7 |
0.0009% |
1,033.0 |
| Major Price Changes |
| Issue |
Index |
Change |
Notes |
| PIC.PR.A |
SplitShares |
-1.1077% |
Goes ex on 10/12 … I suspect that nobody bothered to put in a cum-dividend bid on the last cum-dividend day |
| BCE.PR.S |
Ratchet |
+1.0060% |
Closed at 25.10-15, 4×10. The potential tender is at $25.60 |
| BAM.PR.G |
FixedFloater |
+1.0454% |
Scarcity Value? If the BCE transaction closes, these may be the only liquid issue that converts (and will by that time have converted) to Ratchets |
| BC.PR.B |
FixedFloater |
+1.8327% |
Closed at 25.56-84, 5×5. The potential tender is at $25.95 |
| BCE.PR.Y |
Scraps |
+3.2787% |
Closed at 25.20-50, 10×5. The potential tender is at $25.60 |
| Volume Highlights |
| Issue |
Index |
Volume |
Notes |
| BC.PR.E |
Ratchet |
82,000 |
Mr. “Anonymous” sold a lot of shares today! RBC bought 25,000 @ 25.31 and two tranches of 10,000 each at 25.32; Scotia bought 15,000 @ 25.31 in two lots, then another 15,000 @ 25.32 in another two lots. Closed at 25.36-54, 20×10. The potential tender is at $25.60 |
| POW.PR.A |
PerpetualPremium |
34,133 |
National crossed 32,100 @ 25.72. Currently callable at $25.50, declining by $0.25 every June. It pays $1.40 … therefore the company has a net cost per annum of $1.15 to keep it outstanding, so that’s what they’re doing and saving issuance costs. YTW is currently negative, but will have been 3.99% if the issue remains alive until a call at $25.00 in 2008. This is an expensive perpetual, but a cheap retractible! Somebody’s betting on low rates continuing for another two years! |
| GWO.PR.I |
PerpetualDiscount |
19,335 |
Comparable quality to SLF.PR.C and SLF.PR.D, but pays a little more! |
| SLF.PR.D |
PerpetualDiscount |
15,800 |
Holding its own, anyway! |
| MFC.PR.B |
PerpetualPremium |
11,750 |
|
There was only one other index-included issue trading over 10,000 shares today.
This entry was posted on Wednesday, October 11th, 2006 at 10:02 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed.
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[…] Easy come, easy go – the issue was down 0.7168% on the day. It would seem there is some question in the marketplace as to whether the tender will come to pass. […]
[…] POW.PR.A hasn’t been mentioned much in this blog, but made the volume charts on October 11, 2006. At the close of business yesterday, October 18, it was quoted at $25.81-87, pays $1.40, and the next ex-date is (somewhere around) December 20. […]