Category: Market Action

Market Action

October 24, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.12% 4.04% 44,328 10.65 2 -0.0796% 1,019.1
Fixed-Floater 4.96% 3.14% 166,010 8.76 7 0.1406% 1,026.8
Floater 4.53% -14.40% 76,237 6.49 5 -0.1646% 1,019.1
Op. Retract 4.68% 2.05% 87,212 2.39 17 -0.0205% 1,018.8
Split-Share 4.94% 3.78% 160,188 3.27 11 -0.0705% 1,022.1
Interest Bearing 6.89% 5.15% 56,533 2.00 7 -0.0015% 1,022.7
Perpetual-Premium 5.09% 3.94% 212,455 4.27 47 0.0236% 1,036.7
Perpetual-Discount 4.58% 4.60% 521,501 16.21 7 0.1488% 1,037.3
Major Price Changes
Issue Index Change Notes
PWF.PR.A Floater -1.0172% After yesterday’s huge gain, not entirely unexpected.
Volume Highlights
Issue Index Volume Notes
CM.PR.G PerpetualPremium 601,400 An active day! Scotia bought 200,000 from RBC, then RBC crossed 200,000, then Scotia crossed 100,000, then Scotia bought two lots of 50,000 each from RBC. All these trades were done at $26.95. An interesting issue – YTW is 4.17% based on a closing bid of $26.89 and call at $26.00 on 2010-5-31 … but it only increases to 4.25% if it survives until its $25.00 call 2014-5-31. Pays $1.35.
POW.PR.D PerpetualPremium 404,275 Lots of blocks in the 50,000 share range at $25.70, with RBC and Desjardins in the thick of things. Another entirely reasonable issue, with a Pre-Tax YTW of 4.65% based on a call 2014-11-30. Pays $1.25, issued almost exactly a year ago.
GWO.PR.G PerpetualPremium 109,035 RBC crossed 100,000 @ 26.70. Yields less than the above two active traders, 4.17% based on a call at $25.25 on 2013-1-30 and a closing bid of $26.72.
RY.PR.W PerpetualPremium 70,488 Pre-tax YTW of 4.13% based on a closing bid of $26.15 and a call at $25.00 on 2014-3-26. It went ex-dividend today.
MFC.PR.C PerpetualDiscount 60,350  

There were nineteen other index-included issues trading over 10,000 shares today.

Market Action

October 23, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.12% 4.04% 44,080 10.66 2 0.0000% 1,019.9
Fixed-Floater 4.97% 3.95% 169,309 8.89 7 -0.0387% 1,025.4
Floater 4.53% -15.87% 75,475 6.50 5 0.2737% 1,020.8
Op. Retract 4.67% 1.84% 86,195 2.39 17 0.0329% 1,019.0
Split-Share 4.93% 3.73% 160,544 3.28 11 0.0472% 1,022.8
Interest Bearing 6.89% 5.02% 56,033 2.00 7 0.0450% 1,022.7
Perpetual-Premium 5.08% 3.94% 212,471 4.30 47 0.0305% 1,036.4
Perpetual-Discount 4.58% 4.61% 527,274 16.18 7 -0.0631% 1,035.7
Major Price Changes
Issue Index Change Notes
PWF.PR.A Floater +1.4657% Went ex-dividend today (see Company Website, but not only did nobody notice (it closed at 25.56-80 today, compared to 25.44-55 yesterday), but it closed at $26.00 (!) pumped up by an anonymous buy of 2,000 shares at 12:57pm that sailed through several offers … six of them, in fact, ranging from 25.70 to 26.00. Ouch.
Volume Highlights
Issue Index Volume Notes
WN.PR.B OpRet 100,368 Desjardins opened the day’s trading with a cross of 75,000 at $26.60, and closed it with a cross of 25,000 at the same price. Niggardly pre-tax YTW of 2.93% (mind you, reasonable for an operating retractible) based on a call 2009-6-30, one day ahead of retraction.
GWO.PR.H PerpetualPremium 59,400 Scotia crossed 58,000 @ 25.50. Not a bad issue, pre-tax YTW 4.68% based on a bid of $25.41 and a call 2014-10-30 at $25.00
NA.PR.L PerpetualPremium 44,100 Scotia crossed 42,800 @ 25.70. What buyer were they acting for? I want to sell them a really good bridge I happen to have won in a lottery! This thing pays $1.2125 and has a pre-tax YTW of 4.42% based on a bid of $25.66 and a call at $25.00 on 2014-6-14. Rated Pfd-1(low) by DBRS. Given the coupon, downside protection on interest rate moves is minimal.
CM.PR.H PerpetualPremium 43,250 Desjardins crossed 23,400 @ 25.65, then another 15,000 at the same price. Another mystery … this has a pre-tax YTW of 4.41%, based on a closing bid of $25.65 and a call at $25.00 2014-4-29.
RY.PR.B PerpetualPremium 38,648 The volume – and the price drop, it returned -0.3497% on the day – may have been due to players making room for the new issue. Why not, provided you can trade cheaply? RY.PR.B has a pre-tax YTW of 4.54% based on a closing bid of $25.65 and a call 2015-9-23 at $25.00 … which still makes it better yielding than some of those with higher volume today! This goes ex-dividend tomorrow, Tuesday, October 24, A.D. 2006, so be careful!

There were twenty-five other index-included issues trading over 10,000 shares today.

Market Action

October 20, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.13% 4.05% 45,792 10.66 2 0.0000% 1,019.9
Fixed-Floater 4.97% 3.92% 172,087 8.72 7 0.0003% 1,025.8
Floater 4.53% -15.72% 76,426 6.50 5 0.0159% 1,018.0
Op. Retract 4.67% 1.89% 86,957 2.39 17 0.0504% 1,018.7
Split-Share 4.94% 3.73% 161,563 3.29 11 0.1058% 1,022.4
Interest Bearing 6.89% 5.02% 56,288 2.00 7 -0.0132% 1,022.2
Perpetual-Premium 5.09% 3.91% 213,242 4.23 47 0.0082% 1,036.1
Perpetual-Discount 4.57% 4.61% 535,810 16.19 7 -0.0229% 1,036.4
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major price changes today.
Volume Highlights
Issue Index Volume Notes
LBS.PR.A SplitShare 122,500 Recent new issue, tops the charts for the fourth straight day despite being a split share – even accounting for the lower price per share, dollar volume is still impressive. And this note is getting boring, although it’s easy to write.
SLF.PR.C PerpetualDiscount 19,500 A narrow range, as befits a sleepy day … it closed at 24.50-55, 19×17, with a high-price of 24.55 and a low price of 24.50.
CM.PR.P PerpetualPremium 15.700 Pays $1.375 and isn’t callable until 2012 – and there’s no declining call period on this one. YTW is 3.92%, based on the bid price of $27.13 and a call in November, 2012. A little expensive, I say … but there’s a lot of interest-rate-protection that comes with the high dividend, so pays yer money and takes yer chances!
RY.PR.A PerpetualDiscount 14,150 Another issue trading in a narrow range, with the closing quote of $24.85-90 also representing the high and low.
GWO.PR.I PerpetualDiscount 13,420 Shockingly, the closing quote of 24.66-74 was inside the day’s high & low (24.75 & 24.63).

There were two other index-included issues trading over 10,000 shares today.

Doesn’t anybody ever take a view any more?

Market Action

October 19, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.14% 4.05% 47,522 10.65 2 0.0000% 1,019.9
Fixed-Floater 4.97% 3.87% 176,435 6.49 7 0.0956% 1,025.8
Floater 4.53% -15.61% 77,494 6.50 5 -0.0634% 1,017.9
Op. Retract 4.68% 2.01% 87,559 2.40 17 -0.0043% 1,018.2
Split-Share 4.94% 3.75% 161,691 3.29 11 -0.1359% 1,021.3
Interest Bearing 6.89% 5.06% 56,050 2.01 7 0.2452% 1,022.4
Perpetual-Premium 5.09% 3.79% 217,821 4.25 47 0.0385% 1,036.0
Perpetual-Discount 4.57% 4.60% 546,688 16.20 7 0.1504% 1,036.6
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major price changes today.
Volume Highlights
Issue Index Volume Notes
LBS.PR.A SplitShare 166,424 Recent new issue, tops the charts for the third straight day despite being a split share – even accounting for the lower price per share, dollar volume is still impressive.
DFN.PR.A SplitShare 54,300 An entirely reasonably priced issue, with a pre-tax yield of 3.89% based on a bid of $10.42, paying $0.525 until maturing 2009-12-1
ELF.PR.G PerpetualPremium 43,410 Another recent new issue. Still bid above par, closing at $25.12-20.
PIC.PR.A SplitShare 19,463 So what is this, splitShare Day? This has an entirely respectable pre-tax yield of 3.87%, based on a bid of $16.03 and a maturity at $15.00 on 2010-11-01.
WN.PR.E PerpetualDiscount 13,129 Attractively priced at 24.71-75, pre-tax bid yield of 4.84%.

There were four other index-included issues trading over 10,000 shares today.

Market Action

October 18, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.15% 4.06% 47,795 10.64 2 0.0000% 1,019.9
Fixed-Floater 4.97% 3.88% 180,376 8.70 7 0.0007% 1,024.8
Floater 4.53% -15.97% 77,748 6.50 5 0.0081% 1,018.5
Op. Retract 4.68% 2.02% 88,293 2.40 17 0.0466% 1,018.2
Split-Share 4.93% 3.68% 159,407 3.29 11 0.0441% 1,022.7
Interest Bearing 6.91% 5.19% 55,968 2.01 7 -0.1142% 1,019.9
Perpetual-Premium 5.09% 3.55% 220,936 4.31 47 0.1062% 1,035.6
Perpetual-Discount 4.58% 4.61% 560,158 16.19 7 0.0235% 1,035.1
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major price changes today.
Volume Highlights
Issue Index Volume Notes
LBS.PR.A SplitShare 295,275 Recent new issue. Despite its leap to a hefty premium above par, this still looks attractive, with a YTW of 4.28% based on a bid of 10.59 and a maturity at $10.00 in November 2013.
PWF.PR.H PerpetualPremium 276,340 RBC crossed 270,000 @ 26.45. At the closing bid of 26.43, this has a pre-tax YTW of 3.99%, paying $1.4375 until the YTW call 2008-1-9. If it lasts until 2012-1-9, it will have returned 4.50% … if it does, in fact, last that long!
W.PR.J PerpetualPremium 129,360 Scotia crossed 50,000 @ 25.45, and followed up with another of 69,200 shares at the same price. This is an attractive issue … pre-tax YTW of 4.74% based on a call 2008-8-14 and a bid of $25.40.
WN.PR.A PerpetualPremium 95,720 Scotia crossed 50,000 @ $26.20 and then did another tranche of 42,000 at the same price. Another attractive, Pfd-2(low) [DBRS] issue, with a YTW of 4.81% based on a call 2011-1-14.
GWO.PR.H PerpetualPremium 56,340 Scotia (again!) crossed 50,000 @ 25.55. A nice issue, this, even if simply fairly priced – good credit, good daily volume, and a pre-tax YTW of 4.67% based on a call 2014-10-30. It pays $1.2125. Now, compare this issue with the PWF.PR.H mentioned above, and explain to me how the prices may be reconciled!

There were nineteen other index-included issues trading over 10,000 shares today.

Market Action

October 17, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.16% 4.07% 49,056 10.63 2 -0.0596% 1,019.9
Fixed-Floater 4.97% 3.88% 186,066 6.49 7 -0.0333% 1,024.8
Floater 4.53% -15.89% 78,474 6.51 5 0.0637% 1,018.4
Op. Retract 4.68% 2.20% 88,687 2.40 17 0.0442% 1,017.8
Split-Share 4.94% 3.68% 155,218 3.29 11 0.6266% 1,022.2
Interest Bearing 6.90% 5.13% 56,361 2.01 7 -0.0251% 1,021.0
Perpetual-Premium 5.09% 3.54% 220,336 4.35 47 0.0344% 1,034.5
Perpetual-Discount 4.58% 4.61% 568,307 16.19 7 0.1045% 1,034.8
Major Price Changes
Issue Index Change Notes
PIC.PR.A SplitShare +1.1136% Closed at 16.07-35 on volume of 9,711 shares … a few shares traded at the offering price.
Volume Highlights
Issue Index Volume Notes
LBS.PR.A SplitShare 1,671,290 Opening Day!
PWF.PR.I PerpetualPremium 303,300 Nesbitt crossed 200,000 @ 27.00, then 100,000 at the same price. The Pre-tax YTW is 3.19% at this price, based on a May, 2008 call. Since it pays $1.50, the chance of a call is relatively high … but maybe it will hang on until May, 2012, after delivering 4.36%.
ELF.PR.G PerpetualPremium 135,325 Opening Day!  
BAM.PR.G FixedFloater 107,650 This thing continues to trade heavily – see yesterday’s comments.
NA.PR.K PerpetualPremium 102,092 Desjardins crossed 98,100 @ 27.10. At the closing bid of $27.17, these things have a pre-tax YTW of only 2.59% based on a call in June 2008. Somebody obviously thinks they’ll hang on until June 2012, having yielded 4.06% … but since it pays $1.4625, it’s not a bet I’d make, seeing as I don’t have to!

There were thirty-one other index-included issues trading over 10,000 shares today.

Market Action

October 16, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.17% 4.05% 50,012 10.61 2 0.0000% 1,020.6
Fixed-Floater 4.97% 3.89% 190,079 8.87 7 -0.0612% 1,025.1
Floater 4.53% -17.58% 77,718 6.51 5 0.0080% 1,017.8
Op. Retract 4.68% 2.13% 88,707 2.40 17 0.0355% 1,017.3
Split-Share 4.94% 3.66% 61,368 3.02 10 0.0380% 1,015.8
Interest Bearing 6.90% 5.00% 55,802 2.01 7 0.1025% 1,021.3
Perpetual-Premium 5.10% 3.58% 171,688 4.30 46 0.1066% 1,034.2
Perpetual-Discount 4.59% 4.61% 578,748 16.18 7 0.0294% 1,033.7
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major gains or losses today.
Volume Highlights
Issue Index Volume Notes
SLF.PR.B PerpetualPremium 82,330  
PWF.PR.D Scraps 71,000 Desjardins bought 70,000 @27.10 on a Delayed Delivery basis from Polar. A few more active days like this and this issue won’t be in ‘Scraps’ any more!
BAM.PR.G FixedFloater 40,069 The only issue in the FixedFloater index that isn’t swept up in the possible BCE-unit-trust-offer! Not only that, but the rate announcement and soon-expiring exchange offer will have caused a lot of portfolio tweaking.
CM.PR.A OpRet 27,700 Scotia crossed 24,200 @ 26.75. This issue has a pre-tax YTW of 1.69% based on a call in November, 2007 … but 3.73% if it survives until just before retractibility becomes an issue, July 2011. It pays $1.325 … CIBC can finance a perpetual cheaper than that, never mind a retractible!
MFC.PR.C PerpetualDiscount 26,749  

There were fourteen other index-included issues trading over 10,000 shares today.

Market Action

October 13, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.18% 4.07% 50,066 10.61 2 -0.5541% 1,020.6
Fixed-Floater 4.97% 3.80% 193,704 6.49 7 0.1466% 1,025.7
Floater 4.53% -17.59% 75,582 6.51 5 -0.1661% 1,017.7
Op. Retract 4.68% 2.03% 88,058 2.41 17 0.0353% 1,016.9
Split-Share 4.94% 3.62% 61,976 3.03 10 -0.0652% 1,015.5
Interest Bearing 6.90% 4.87% 55,319 2.02 7 -0.1133% 1,020.3
Perpetual-Premium 5.11% 3.74% 172,686 4.28 46 0.0553% 1,033.1
Perpetual-Discount 4.59% 4.61% 587,236 16.19 7 -0.1495% 1,033.4
Major Price Changes
Issue Index Change Notes
BSD.PR.A InterestBearing -1.0870% Pre-tax YTW now 6.10% INTEREST at the current bid of 10.01, based on a maturity in 2015.
Volume Highlights
Issue Index Volume Notes
CM.PR.B PerpetualPremium 107,100 Desjardins crossed 100,000 @ 26.10. This is an interesting issue. It pays $1.50 so one may be sure that it’s on CIBC’s “hated sources of financing” list, with the call schedule beginning in January 2007 at $26.00, declining by $0.25 annually until it reaches $25.00 in 2011+. On a net basis, the cost to CIBC is $1.25 which is at least ballpark to where they could refinance the issue. The pre-tax YTW is 4.58% based on a price of $26.06 and a call in 2007, but if it lasts until 2011, holders will have realized 4.89%. Not much chance of a capital gain with this issue … but yield ain’t bad, provided you can trade cheaply! With such a short expected holding period for the YTW scenario, small price changes and commission payment loom large … the pre-tax YTW based on the ASK price of $26.12 is only 3.97% and all these figures are pre-commission.
PWF.PR.D Scraps 73,000 Desjardins crossed 70,000 at $27.10. Things I Don’t Understand about the Market, Part 493: Why is this stuff trading at such a lofty price? It pays $1.30 and is callable commencing 2007-10-31 at $26.00, the call price declining by $0.20 p.a. until it reaches par 2012-7-31. Ha-ha! says the company! Fooled ya with the short last period! Then it’s retractible as well, commencing 2012-10-31 (they want a three month stub-period so they can remain in control of proceedings). So for those 5 years, there’s a net cost to the company of $1.10 to keep the issue outstanding and it’s retractible. Who knows how things will turn out, but retractibles can be financed for less than $1 – at least, that’s what CGI did earlier this year, and there’s only one index-included operating-retractible issue out there with a YTW in excess of 4%. If the issue is called in 2007, the yield will have been 1.01%; if it survives until 2012, 3.62%. And, of course, there’s not really any chance of any upside with this thing.
BCE.PR.S RatchetRate 27,700 Easy come, easy go – the issue was down 0.7168% on the day. It would seem there is some question in the marketplace as to whether the tender will come to pass.
SLF.PR.C PerpetualDiscount 24,916 Closed at 24.43-64; the extremely similar SLF.PR.D closed at 24.65-89. It would appear the market is prepared to pay a gigantic premium for 9 extra months of non-callability … hmm, let me review my Expectations Theory …
DFN.PR.A SplitShares 24,135 Nice to see one of the little guys make the volume list! This has an entirely reasonable pre-tax YTW of 3.77% based on a bid price of $10.45 and a maturity in December 2009.

There were eleven other index-included issues trading over 10,000 shares today.

Market Action

October 12, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.17% 4.01% 47,673 10.63 2 0.0991% 1,026.2
Fixed-Floater 4.97% 3.93% 198,305 6.68 7 -0.0321% 1,024.2
Floater 4.52% -19.20% 76,168 6.50 5 0.1038% 1,019.4
Op. Retract 4.68% 2.17% 88,174 2.41 17 0.0331% 1,016.6
Split-Share 4.94% 3.60% 62,132 3.03 10 0.0645% 1,016.1
Interest Bearing 6.90% 4.92% 55,243 2.03 7 -0.4305% 1,021.4
Perpetual-Premium 5.11% 3.94% 173,378 4.30 46 0.0653% 1,032.5
Perpetual-Discount 4.58% 4.61% 598,845 16.20 7 0.1916% 1,035.0
Major Price Changes
Issue Index Change Notes
STW.PR.A InterestBearing -1.1628% Pre-tax YTW now 5.35% at the current bid of 10.20, based on a maturity at the end of 2009.
Volume Highlights
Issue Index Volume Notes
AL.PR.F Scraps 193,850 Global crossed 95,000 for cash at $26.16, then 95,000 for regular settlement at 25.87. More fun and games! The issue closed at $25.22-49 and went ex-dividend today.
W.PR.J PerpetualPremium 41,300 Desjardins crossed 40,000 @ 25.36. This is a fairly attractive issue, with a pre-tax YTW of 4.80% based on a bid of 25.35 and a call in 2008.
WN.PR.A PerpetualPremium 31,040 Desjardins crossed 30,100 @ 26.10. This issue has a pre-tax YTW of 4.79% based on a bid price of $26.10 and a call in 2009. It becomes callable at the end of this year at $26.00, with the premium declining by $0.25 annually until 2010 when it will be callable at 25.00. It pays $1.45, so since Weston is only Pfd-2(low) (DBRS) it makes sense for them to keep the issue going until they reach the par-redemption period.
RY.PR.A PerpetualDiscount 22,150  
PWF.PR.L PerpetualPremium 21,560 I still like this issue, with its pre-tax YTW of 4.49% based on a bid of $26.12 and a call in 2015. The modified duration of its YTW scenario is 7.34 years, the highest in the PerpetualPremium index.

There were nineteen other index-included issues trading over 10,000 shares today.

Market Action

October 11, 2006

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version
Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur (YTW) Issues Day’s Perf. Index Value
Ratchet 4.18% 4.04% 46,829 10.62 2 0.9604% 1,025.2
Fixed-Floater 4.97% 3.85% 201,040 6.66 7 0.6456% 1,024.6
Floater 4.53% -18.28% 77,160 6.51 5 0.0718% 1,018.3
Op. Retract 4.69% 2.09% 88,814 2.42 17 -0.0501% 1,016.2
Split-Share 4.93% 3.69% 62,648 3.03 10 -0.2360% 1,015.5
Interest Bearing 6.87% 4.56% 54,878 2.04 7 0.1576% 1,025.8
Perpetual-Premium 5.11% 3.91% 173,541 4.30 46 0.0939% 1,031.8
Perpetual-Discount 4.59% 4.61% 608,834 16.19 7 0.0009% 1,033.0
Major Price Changes
Issue Index Change Notes
PIC.PR.A SplitShares -1.1077% Goes ex on 10/12 … I suspect that nobody bothered to put in a cum-dividend bid on the last cum-dividend day
BCE.PR.S Ratchet +1.0060% Closed at 25.10-15, 4×10. The potential tender is at $25.60
BAM.PR.G FixedFloater +1.0454% Scarcity Value? If the BCE transaction closes, these may be the only liquid issue that converts (and will by that time have converted) to Ratchets
BC.PR.B FixedFloater +1.8327% Closed at 25.56-84, 5×5. The potential tender is at $25.95
BCE.PR.Y Scraps +3.2787% Closed at 25.20-50, 10×5. The potential tender is at $25.60
Volume Highlights
Issue Index Volume Notes
BC.PR.E Ratchet 82,000 Mr. “Anonymous” sold a lot of shares today! RBC bought 25,000 @ 25.31 and two tranches of 10,000 each at 25.32; Scotia bought 15,000 @ 25.31 in two lots, then another 15,000 @ 25.32 in another two lots. Closed at 25.36-54, 20×10. The potential tender is at $25.60
POW.PR.A PerpetualPremium 34,133 National crossed 32,100 @ 25.72. Currently callable at $25.50, declining by $0.25 every June. It pays $1.40 … therefore the company has a net cost per annum of $1.15 to keep it outstanding, so that’s what they’re doing and saving issuance costs. YTW is currently negative, but will have been 3.99% if the issue remains alive until a call at $25.00 in 2008. This is an expensive perpetual, but a cheap retractible! Somebody’s betting on low rates continuing for another two years!
GWO.PR.I PerpetualDiscount 19,335 Comparable quality to SLF.PR.C and SLF.PR.D, but pays a little more!
SLF.PR.D PerpetualDiscount 15,800 Holding its own, anyway!
MFC.PR.B PerpetualPremium 11,750  

There was only one other index-included issue trading over 10,000 shares today.