November 28, 2008

Chaos and pandemonium today. Perhaps some investors are enthused about the proposed bank stake legislation?

Another piece of legislation made quaint by the financial crisis also forced Mr. Flaherty to risk raising the spectre of a public bailout of Canadian banks by acknowledging the government doesn’t currently have the power to buy shares in financial institutions – something governments in the U.S. and Europe did, to the tune of hundreds of billions this year, to keep their banks from failing.

The new Fed Balance sheet shows a slight shrinkage, with a decline in liabilities to depositors of all stripes balanced by a decline in foreign currency assets. Hmmm … Bloomberg highlights the continued increase in commercial paper holdings.

Sorry folks – no words of wisdom today. Just be grateful the month is over, that’s my advice.

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In this version, index values are based at 1,000.0 on 2006-6-30.
The Fixed-Reset index was added effective 2008-9-5 at that day’s closing value of 1,119.4 for the Fixed-Floater index.
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet N/A N/A N/A N/A 0 N/A N/A
Fixed-Floater 6.65% 6.97% 76,605 13.69 6 +2.6042% 791.9
Floater 10.11% 10.41% 59,282 9.11 2 +4.7746% 350.0
Op. Retract 5.50% 6.81% 138,568 4.17 15 +0.0669% 980.0
Split-Share 7.58% 15.82% 69,411 3.68 12 +1.8318% 816.9
Interest Bearing 9.15% 19.41% 58,730 2.99 3 +2.0262% 798.4
Perpetual-Premium N/A N/A N/A N/A N/A N/A N/A
Perpetual-Discount 7.99% 8.11% 190,698 11.33 71 +4.1904% 690.2
Fixed-Reset 6.11% 5.76% 1,150,302 14.04 12 +0.1987% 976.7
Major Price Changes
Issue Index Change Notes
HSB.PR.D PerpetualDiscount +6.1211% Now with a pre-tax bid-YTW of 8.03% based on a bid of 15.95 and a limitMaturity. Closing quote 15.95-98, 6×1. Day’s range of 15.00-98.
RY.PR.E PerpetualDiscount +6.2670% Now with a pre-tax bid-YTW of 7.29% based on a bid of 15.60 and a limitMaturity. Closing quote 15.60-79, 1×4. Day’s range of 14.76-15.89.
BMO.PR.K PerpetualDiscount +6.3492% Now with a pre-tax bid-YTW of 7.92% based on a bid of 16.75 and a limitMaturity. Closing quote 16.75-24, 10×12. Day’s range of 15.45-17.25.
CM.PR.G PerpetualDiscount +6.3884% Now with a pre-tax bid-YTW of 8.17% based on a bid of 16.82 and a limitMaturity. Closing quote 16.82-39, 9X14. Day’s range of 15.62-17.48.
TD.PR.Q PerpetualDiscount +6.4000% Now with a pre-tax bid-YTW of 7.6377% based on a bid of 18.62 and a limitMaturity. Closing quote 18.62-26, 5×3. Day’s range of 17.51-19.55 (!).
PWF.PR.E PerpetualDiscount +6.5246% Now with a pre-tax bid-YTW of 8.75% based on a bid of 16.00 and a limitMaturity. Closing quote 16.00-20, 7×4. Day’s range of 15.08-16.20.
BNS.PR.J PerpetualDiscount +6.5432% Now with a pre-tax bid-YTW of 7.73% based on a bid of 17.26 and a limitMaturity. Closing quote 17.26-50, 7×10. Day’s range of 16.05-17.59.
RY.PR.C PerpetualDiscount +6.5912% Now with a pre-tax bid-YTW of 7.26% based on a bid of 16.01 and a limitMaturity. Closing quote 16.01-70, 3×20. Day’s range of 15.15-16.45.
RY.PR.F PerpetualDiscount +6.9607% Now with a pre-tax bid-YTW of 7.24% based on a bid of 15.52 and a limitMaturity. Closing quote 15.52-90, 3×4. Day’s range of 14.60-15.94.
CM.PR.P PerpetualDiscount +7.3671% Now with a pre-tax bid-YTW of 8.35% based on a bid of 16.76 and a limitMaturity. Closing quote 16.76-25, 3×8. Day’s range of 15.65-17.00.
SLF.PR.E PerpetualDiscount +7.5099% Now with a pre-tax bid-YTW of 8.29% based on a bid of 13.60 and a limitMaturity. Closing quote 13.60-65, 3×8. Day’s range of 12.05-13.65.
PWF.PR.I PerpetualDiscount +7.5758% Now with a pre-tax bid-YTW of 8.60% based on a bid of 17.75 and a limitMaturity. Closing quote 17.75-90, 30×8. Day’s range of 16.40-17.75.
GWO.PR.G PerpetualDiscount +7.8614% Now with a pre-tax bid-YTW of 8.05% based on a bid of 16.19 and a limitMaturity. Closing quote 16.19-30, 4×4. Day’s range of 15.00-16.39.
CM.PR.H PerpetualDiscount +7.9100% Now with a pre-tax bid-YTW of 8.21% based on a bid of 14.87 and a limitMaturity. Closing quote 14.87-98, 5×5. Day’s range of 13.57-14.99.
CM.PR.J PerpetualDiscount +7.9414% Now with a pre-tax bid-YTW of 8.18% based on a bid of 14.00 and a limitMaturity. Closing quote 14.00-25, 2×5. Day’s range of 13.17-14.25.
POW.PR.A PerpetualDiscount +7.9843% Now with a pre-tax bid-YTW of 8.67% based on a bid of 16.50 and a limitMaturity. Closing quote 16.50-75, 4×22. Day’s range of 15.84-50.
PWF.PR.L PerpetualDiscount +8.0000% Now with a pre-tax bid-YTW of 8.14% based on a bid of 15.93 and a limitMaturity. Closing quote 15.93-00, 1×20. Day’s range of 15.00-16.20.
BNA.PR.B SplitShare +8.0028% Asset coverage of 1.8+:1 based on BAM.A at 19.09 and 2.4 BAM.A per unit. Now with a pre-tax bid-YTW of 15.25 based on a bid of 15.25 and a hardMaturity 2016-3-25 at 25.00. Closing quote of 15.25-00, 7×4. One trade, 100 shares, at 16.00.
PWF.PR.F PerpetualDiscount +8.4746% Now with a pre-tax bid-YTW of 8.34% based on a bid of 16.00 and a limitMaturity. Closing quote 16.00-17.00, 1×4. Day’s range of 15.00-16.50.
MFC.PR.C PerpetualDiscount +8.4871% Now with a pre-tax bid-YTW of 7.69% based on a bid of 14.70 and a limitMaturity. Closing quote 14.70-15.79 (!), 1×3. Day’s range of 13.85-15.98 (!).
ELF.PR.F PerpetualDiscount +8.7705% Now with a pre-tax bid-YTW of 10.23% based on a bid of 13.27 and a limitMaturity. Closing quote 13.27-74, 17×10. Day’s range of 12.40-27.
ELF.PR.G PerpetualDiscount +8.7783% Now with a pre-tax bid-YTW of 10.12% based on a bid of 12.02 and a limitMaturity. Closing quote 12.02-13.15 (!) 1×5. Day’s range of 11.15-12.50.
MFC.PR.B PerpetualDiscount +9.5306% Now with a pre-tax bid-YTW of 7.59% based on a bid of 15.40 and a limitMaturity. Closing quote 15.40-00, 1×5. Day’s range of 14.00-15.45.

There were sixty-eight index-included $25-pv-equivalent issues trading over 10,000 shares today. Sorry there’s no table!

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