I have had occasion recently to look carefully at BMO.PR.J and CIU.PR.A and thought I’d pass along some of the data.
They’re very similar issues: both came out during the issuance rush of early 2007 (BMO.PR.J at the beginning, CIU.PR.A at the end … BMO.PR.J pays $1.125 p.a., while CIU.PR.A pays $1.15.
The major differences between them are:
- Credit: BMO is Pfd-1; CIU is Pfd-2(high)
- Cumulativity: BMO.PR.J is non-cumulative; CIU.PR.A is cumulative.
- Volume: BMO.PR.J has an average daily trading volume worth $511M; CIU’s is only $95M
CIU.PR.A should be analyzed as junior to the series second showing on their books.
I have previously compared BMO.PR.J with BMO.PR.H.
Both issues were added to TXPR in July 2007.
Anyway, with no further comment, here are some graphs: