July 4, 2007

The BCE issues settled back a little after their enormous gains of yesterday – I suspect that they’ll be volatile for a little while longer, as greed wars with fear. I wrote yet another post on the BCE/Teachers Plan of Arrangement today and estimated that taking out the preferreds is costing the common shareholders $1.50 per share.

Econbrowser publicized a new Internet connectivity toy that I was eager to try – but I can’t say I was too impressed by the results. What this world needs is a plethora of blogs about Canadian shares, then we can get into furious arguments with each other, just like the political guys. The chart for PrefInfo.com looks more as expected, anyway.

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
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 5.37% 5.38% 28,357 14.87 2 -0.5555% 1,021.2
Fixed-Floater 5.07% 5.34% 139,068 15.05 8 -0.8255% 996.3
Floater 4.66% 0.63% 74,868 4.28 4 -0.0299% 1,049.2
Op. Retract 4.82% 3.99% 87,799 3.19 16 -0.0899% 1,020.3
Split-Share 5.06% 4.73% 129,955 4.11 17 -0.0628% 1,043.0
Interest Bearing 6.21% 6.36% 70,693 4.46 3 +0.2732% 1,037.1
Perpetual-Premium 5.51% 5.11% 122,827 5.45 26 +0.0419% 1,023.0
Perpetual-Discount 5.09% 5.12% 400,019 14.91 38 +0.2760% 968.1
Major Price Changes
Issue Index Change Notes
BCE.PR.A FixFloat -2.3554%  
BCE.PR.Z FixFloat -2.0747%  
ALB.PR.A SplitShare -1.7173%% Now with a pre-tax bid-YTW of 4.86% based on a bid of 24.61 and a hardMaturity 2011-2-28 at 25.00.
BCE.PR.T FixFloat -1.4167%  
BCE.PR.I FixFloat -1.1979%  
BCE.PR.S Ratchet -1.0717%  
RY.PR.F PerpetualDiscount +1.0733% Now with a pre-tax bid-YTW of 5.04% based on a bid of 22.60 and a limitMaturity.
BMO.PR.J PerpetualDiscount +1.3901% Now with a pre-tax bid-YTW of 5.03% based on a bid of 22.61 and a limitMaturity.
Volume Highlights
Issue Index Volume Notes
BMO.PR.G OpRet 100,008 Scotia crossed 96,100 at 25.15. Now with a pre-tax bid-YTW of 4.45% based on a bid of 25.15 and a call 2007-9-24 at 25.00.
CM.PR.J PerpetualDiscount 69,177 Now with a pre-tax bid-YTW of 5.10% based on a bid of 22.10 and a limitMaturity.
PWF.PR.F PerpetualPremium 46,125 National Bank crossed 30,000 at 25.25. Now with a pre-tax bid-YTW of 5.30% based on a bid of 25.15 and a limitMaturity.
BCE.PR.R FixFloat 32,550  
BCE.PR.G FixFloat 27,420  

There were twelve other $25-equivalent index-included issues trading over 10,000 shares today.

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