I looked at the TD Press Release while preparing my post of April 2, but missed the detail anyway.
Dividends for the captioned issues were recorded with inaccurate dates. The correct dates are:
ex-Date : 2007-04-04
Record-Date : 2007-04-09
Pay-Date : 2007-04-30
The HIMIPref™ database has been adjusted.
There are occasional problems with internet connections while the server is performing its calculations. These derive largely from the fact that the calculations are relatively lengthy and the client-side programme will not get a response from server-side for over five minutes.
This can particularly lead to “Gateway” problems when proxy-servers are involved in the client connection, as many gateways will drop a connection after five minutes by default.
I have adjusted some server settings that appear to have resolved a problem that may be related (perhaps by making the connection more sensitive?), using a suggestion from Denis Pitcher’s Blog. The problem was an error message received by HIMIPref™ from the .NET framework System.Net.WebException: The underlying connection was closed: An unexpected error occurred on a receive.
I have changed settings on the IIS administrator server-side: The “Connection time-out” has been changed from 900 seconds to 15; and HTTP keep-alives have been disabled. This matches settings I use when running the server-side locally, but have never before considered necessary when running remotely.
Should any change in behaviour be noted in the next few days, please let me know all the particulars.
The market appeared to disdain the Yellow Pages Group new issue, as it dropped well below the issue to close at 24.63-65, 50×14, on heavy volume of 757,556 shares. The YPG bonds, 5.25% of Feb 2016 are now indicated at Canada 4.5/15 + 146bp, call it about 5.44% at last night’s close. So the bonds have improved since announcement date – even though they’ve widened. Can’t blame the bond market for this one!
| Curve Price & Comparables for YPG.PR.A | ||||
| Item | YPG.PR.A | BNA.PR.C | BAM.PR.J | CFS.PR.A |
| Price due to base-rate | 24.11 | 23.85 | 26.53 | 9.89 |
| Price due to short-term | -0.39 | -0.47 | -0.50 | -0.14 |
| Price due to long-term | 1.41 | 1.70 | 1.79 | 0.52 |
| Price to to Cumulative Dividends | 0.00 | 0.00 | 0.00 | 0.00 |
| Price due to SplitShareCorp | 0.00 | -1.21 | 0.00 | -0.22 |
| Price due to Retractibility | 0.73 | 1.34 | 1.33 | 0.25 |
| Price due to Liquidity | 0.49 | 0.90 | -0.13 | 0.17 |
| Price due to Credit Spread (2) | 0.00 | -0.32 | -0.32 | 0.00 |
| Price due to Credit Spread (3) | -0.54 | 0.00 | 0.00 | 0.00 |
| Price due to Credit Spread (High) | 0.00 | 0.00 | 0.00 | 0.00 |
| Price due to Credit Spread (Low) | 0.00 | 0.00 | -0.30 | 0.00 |
| Price due to error | 0.01 | 0.07 | 0.04 | 0.00 |
| Curve Price (Taxable Curve) | $25.80 | $25.84 | $28.44 | $10.47 |
| DBRS Credit Rating | Pfd-3(high) | Pfd-2 | Pfd-2(low) | Pfd-1 |
| Quote, 3/6 | $24.63-65 | 24.77-84 | 27.96-12 | $10.15-25 |
| YTW (After Tax – bid) | 3.62% | 3.56% | 3.29% | 3.19% |
| Modified Duration (YTW – after tax) | 5.22 | 9.61 | 6.13 | 4.47 |
| Pseudo-Convexity (YTW – after tax) | 0.38 | 0.40 | -10.95 | 0.47 |
| YTW (Pre-tax) | 4.56% | 4.47% | 4.14% | 4.01% |
Naturally, this issue is more attractive at 24.65 than it was at 25.00 … but I’ll remind potential purchasers again: it’s only a Pfd-3(high) credit, so it should be included in portfolios only as spice, not as core!
The issue has been added to the HIMIPref™ database with the securityCode A56000. A reorgDataEntry has been input to record the transition from the preIssue code of P50011.
As a Pfd-3(high) issue by DBRS, this issue is not eligible for inclusion in the HIMIPref™ indices.
Huh. The Co-operators are not being co-operative.
Nothing about dividends on their website, TSE shows no data, Bloomberg shows no data.
Last year, the March dividend was declared 2/22, ex-date 3/3, record 3/7, pay 3/31.
But in 2005, the declaration date was 3/3, ex 3/3, record 3/7, pay 3/31.
That is not a misprint. The dividend was declared on the ex-date. Thanks, guys!
I will attempt to contact them. In the meantime, dividend dates have been estimated as 2/28, 3/2 & 3/31.
Update & Bump, 2/27: I have received an automated (?) acknowledgement of my query, but no answer as yet. This time, instead of using the generic service on their website, I have sent an eMail to the TSX-listed contact.
In the interim, the date estimate has been changed to 3/2, 3/6, 3/31.
Update & Bump, 2/28 : No response from the company, but the TSX data service now shows a declaration date of 2/27, ex 3/6, record 3/8, pay 3/31.
HIMIPref™ records have been adjusted.
Well … I thought it was over. But it wasn’t.
I am now advised that:
This has been confirmed on Bloomberg (except they say Declaration 2/26) and on the TSX Data Service.
Changes have been put through on HIMIPref™.
Today was an active day for this issue, with 15,090 shares changing hands in a range of $24.80-94. I can only hope that the sellers knew they were selling cum-dividend … which would be more than what I knew, and more than what I published in good faith.
Well, this dividend has been described as mysterious, but I am in receipt of a communication from a hard-working (on Sunday afternoon!) corporate spokesman to the effect that:
Dividend information on HIMIPref™ has been changed to reflect this information. Well, that’s that.
In response to a complaint from an extremely annoying person (and you know who you are!), reporting has been enhanced for Error Code #4644.
This error arises when the user attempts to run a trade report for a portfolio that should include some actual value (which is to say, any portfolio that is not using the issueMethod with desiredSwapIssues set to zero; such a portfolio should have zero value, as its purpose in life is to form a grid of all trading possibilities in the HIMIPref™ universe, with no regard for other holdings).
The error message connected with code #4644 was, admittedly, a little obscure. The message has now been upgraded to specify the accountName, accountNumber and other information similar to that provided on the portfolioReportBox. It is anticipated that this detail will make it more clear to the user what is to be done; the new error code for this condition is #5419.
The error most often arises when the portfolio has been set up improperly, or if the holdings file has been inadverdantly wiped. The portfolio settings may be edited via the portfolioListReport, or the holdings file may be mainMenu|File|Holdings File|Synchronize With Transactions, which (alas) is not yet documented in the glossary or the User Manual. *sigh*
This programming change is not considered significant enough to warrant the upload of a new HIMIPref™ version; it will be available when the next version is uploaded.
According to both Bloomberg & the TSX, dividends for BNA.PR.A and BNA.PR.B have been declared and both these issues are ex-Dividend today, February 20. According to Bloomberg, the declaration date was 12/5; the TSX shows the declaration date as 12/4.
The HIMIPref™ data changes previously announced have been reversed for these two issues.
BNA.PR.C is a little trickier; the prospectus states that the expected record date for the first dividend will be 2/22, which implies an ex-dividend date of today; but neither Bloomberg nor the TSX are showing it.
I have sent an inquiry to the company.
As previously noted, there seems to be a little difficulty this quarter getting dividend information from BAM Split Corp. No data is available from press releases, their website, or TSX data services.
Accordingly, dividend dates for these issues have been re-estimated as being 2/26, 2/28 and 3/7.
The following table shows the last eight dividends for BNA.PR.A
| Recent Dividends, BNA.PR.A | |||
| Ex-Date | Record Date | Pay Date | Amount |
| 2005-02-18 | 2005-02-22 | 2005-03-07 | 0.390625 |
| 2005-05-18 | 2005-05-20 | 2005-06-07 | 0.390625 |
| 2005-08-18 | 2005-08-22 | 2005-09-07 | 0.390625 |
| 2005-11-18 | 2005-11-22 | 2005-12-07 | 0.390625 |
| 2006-02-20 | 2006-02-22 | 2006-03-07 | 0.390625 |
| 2006-05-19 | 2006-05-24 | 2006-06-07 | 0.390625 |
| 2006-08-18 | 2006-08-22 | 2006-09-07 | 0.390625 |
| 2006-11-20 | 2006-11-22 | 2006-12-07 | 0.390625 |
BNS.PR.M Arrives at Market Slightly Discounted
Friday, April 6th, 2007The Scotia new issue, announced March 21, closed its first day of trading at 24.87-89, on heavy volume of 724,590 shares. There was a tight trading range, 24.85-92.
Updated comparatives are:
Update: The issue has been added to the HIMIPref&trade database with the securityCode A41010, replacing the preIssue code of P50012. A reorgDataEntry has been added to the system.
The issue has been added to the HIMIPref™ PerpetualDiscount Index.
Posted in Data Changes, Index Construction / Reporting, Issue Comments | 5 Comments »