A dull day for Canadas and Treasuries, so I suppose the “Flight to Quality” theme is no longer operable. We will find out soon what the next three-day-wonder will be! The brokerage houses are claiming that there is no crisis, that everybody should stay calm and, mainly, buy whatever it is they’re selling, much to the astonishment of pundits everywhere.
Also a fairly quiet day for preferreds but, as the volume table shows, there were a fair number of decent-sized crosses. The perpetual EPP.PR.A, issued on May 25 at $25.00 and rated Pfd-3(high), hit a new low of 22.00 and closed at 21.60-00, 2×21. Ouch!
| 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 | 5.10% | 5.12% | 24,748 | 15.27 | 2 | +0.0207% | 1,028.2 |
| Fixed-Floater | 4.98% | 5.23% | 138,249 | 15.19 | 8 | +0.0112% | 1,014.9 |
| Floater | 4.86% | 2.59% | 82,248 | 11.56 | 4 | -0.0098% | 1,048.6 |
| Op. Retract | 4.83% | 4.06% | 86,138 | 2.67 | 16 | +0.0292% | 1,021.1 |
| Split-Share | 5.04% | 4.50% | 112,371 | 3.91 | 17 | +0.1553% | 1,050.2 |
| Interest Bearing | 6.19% | 6.34% | 66,630 | 4.41 | 3 | -0.2700% | 1,041.8 |
| Perpetual-Premium | 5.52% | 5.13% | 116,765 | 5.42 | 26 | -0.1116% | 1,024.8 |
| Perpetual-Discount | 5.08% | 5.12% | 347,892 | 15.28 | 38 | +0.1567% | 971.4 |
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| LFE.PR.A | SplitShare | +1.1505% | Now with a pre-tax bid-YTW of 4.17% based on a bid of 10.55 and a hardMaturity 2012-12-01 at 10.00. |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| GWO.PR.X | OpRet | 77,039 | Desjardins crossed 72,100 at 26.85. Now with a pre-tax bid-YTW of 3.61% based on a bid of 26.65 and a call 2009-10-30 at 26.00. Note that there is some uncertainty about GWO’s capital market plans, despite the clarifying effect of today’s announcement of the GWL.PR.L redemption. |
| SLF.PR.B | PerpetualDiscount | 73,690 | TD crossed 25,000 at 24.33, then Nesbitt crossed two lots of 20,000 each, both at 24.35. Now with a pre-tax bid-YTW of 4.97% based on a bid of 24.33 and a limitMaturity. |
| RY.PR.B | PerpetualDiscount | 71,575 | National Bank crossed 50,000 at 23.52 … possibly a dividend capture/avoidance trade by the players concerned, since today was the last day of cum-dividend trading. Now with a pre-tax bid-YTW of 5.07% based on a bid of 23.52 and a limitMaturity. |
| GWO.PR.H | PerpetualDiscount | 60,050 | Nesbitt crossed 50,000 at 23.95. Now with a pre-tax bid-YTW of 5.11% based on a bid of 23.91 and a limitMaturity. |
| CM.PR.J | PerpetualDiscount | 43,580 | National Bank crossed 30,000 at 22.50. Now with a pre-tax bid-YTW of 5.02% based on a bid of 22.50 and a limitMaturity. |
There were sixteen other $25-equivalent index-included issues trading over 10,000 shares today.
[…] Coming back to earth from yesterday. Now with a pre-tax bid-YTW of 4.47% based on a bid of 10.41 and a hardMaturity 2012-12-01 at 10.00. […]
[…] I mentioned this issue’s new low on July 23. It commenced trading May 25 … bang smack in the middle of the decline in the overall preferred share market. […]