Category: Market Action

Market Action

December 21, 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% 4.16% 36,631 17.12 1 +0.3626% 1,028.6
Fixed-Floater 4.78% 3.70% 98,254 8.37 7 +0.1069% 1,036.0
Floater 4.49% -19.12% 62,973 0.34 5 -0.2412% 1,039.4
Op. Retract 4.64% 0.83% 85,845 1.99 17 +0.0792% 1,032.6
Split-Share 5.05% 1.59% 247,470 2.52 9 +0.2801% 1,045.2
Interest Bearing 6.95% 6.06% 83,034 2.34 7 +0.1688% 1,027.9
Perpetual-Premium 5.00% 3.57% 284,961 4.21 52 +0.0139% 1,055.0
Perpetual-Discount 4.53% 4.50% 879,559 11.75 6 -0.0598% 1,060.6
Major Price Changes
Issue Index Change Notes
TOC.PR.B Floater -1.6026% Nesbitt was on the sell side for every trade, starting in the morning at 25.77 and ending with a cross of 12,400 at 25.50.
FFN.PR.A SplitShare -1.1278% Now with a pre-tax bid-YTW of 3.48% based on a price of $10.52 and a hardMaturity 2009-12-01 at 10.00
BSD.PR.A InterestBearing +1.0989% Now with a pre-tax bid-YTW of 5.88% (as interest!) based on a bid of $10.12 and a hardMaturity 2015-3-31 at 10.00
LBS.PR.A SplitShare +2.0333% Now with a pre-tax bid-YTW of 3.68%, based on a bid of $11.04 and a hardMaturity 2013-11-29 at 10.00
Volume Highlights
Issue Index Volume Notes
CL.PR.B PerpetualPremium 300,000 Not usually much of a trader, but RBC crossed 150,000 at 26.15 for cash and Nesbitt crossed the same amount at 25.97 for delayed delivery … very similar to the trading on December 18! Hmmmm….. I pontificated November 29 that this was a prime candidate for redemption, but there’s been no news yet. The pre-tax bid-YTW is now 1.65% based on a bid of $26.09 and a call 2007-1-30 at 26.00. The next ex-date is 2007-3-1, so if the funny settlements are a dividend capture/avoidance game, it’s a deep one!
GWO.PR.X OpRet 188,968 Yesterday’s heavy trading continues. Now with a pre-tax bid-YTW of 2.49% based on a bid of 27.50 and a call 2009-10-30 at 26.00 … but given that it’s a retractible paying 1.20, with the call premium declining at 0.33 p.a., it might make it to the softMaturity 2013-9-29, yielding 3.15%.
CM.PR.D PerpetualPremium 312,702 Another very-high-priced perpetual, at 27.51b. Nesbitt crossed 100,000 at 27.68. Now with a pre-tax bid-YTW of 1.91% based on a bid of 27.54 and a call 2008-5-31 at $26.00. It might last until 2012-5-30, to have yielded 3.86%. With an annual dividend of 1.4375, it might not!
PWF.PR.J OpRet 81,463 TDSecurities processed an internal cross of 75,000 shares at 27.03. Now with a pre-tax bid-YTW of 2.30% based on a bid of 26.98 and a call 2008-5-30 at 26.00. It might make it to the soft maturity 2013-7-30, yielding 3.48%. Might.
GWO.PR.I PerpetualDiscount 56,685 National processed an internal cross of 20,000 at 24.92. Now with a pre-tax bid-YTW of 4.52% based on a bid of 24.92 and a limitMaturity.
CM.PR.I PerpetualPremium 46,391 Now with a pre-tax bid-YTW of 4.57% based on a bid of 25.42 and a call 2016-3-1 at 25.00.

There were twenty-three other index-included issues with over 10,000 shares traded today.

Market Action

December 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 4.16% 4.19% 35,352 17.07 1 +0.0403% 1,024.8
Fixed-Floater 4.78% 3.74% 99,889 8.36 7 -0.0053% 1,034.9
Floater 4.48% -21.70% 62,865 0.34 5 +0.0480% 1,042.0
Op. Retract 4.64% 1.02% 84,391 2.19 17 +0.0047% 1,031.8
Split-Share 5.06% 1.63% 247,660 2.51 9 -0.0408% 1,042.2
Interest Bearing 6.96% 5.84% 81,930 2.34 7 -0.0672% 1,026.2
Perpetual-Premium 5.00% 3.47% 289,050 4.19 52 +0.0026% 1,054.9
Perpetual-Discount 4.52% 4.50% 899,077 11.75 6 +0.0334% 1,061.2
Major Price Changes
Issue Index Change Notes
MFC.PR.B PerpetualPremium -1.0832% Now with a pre-tax bid-YTW of 4.31% based on a bid of 25.57 and a call 2014-4-18 at 25.00.
Volume Highlights
Issue Index Volume Notes
GWO.PR.F PerpetualPremium 401,887 The highest priced index-included perpetual, at 28.07b. Nesbitt crossed 100,000 at 28.10. Now with a pre-tax bid-YTW of 1.28% based on a bid of 28.06 and a call 2008-10-30 at 26.00. It might last a while and get called 2012-10-30 at 25.00, but with an annual dividend of 1.475 and a call schedule declining by 0.25 annually, I don’t like its chances. You can get better than 3.57% without the risk of an early, horrid call anyway.
TD.PR.M OpRet 381,850 Royal processed an internal cross at 27.78. Now with a pre-tax bid-YTW of 2.18% based on a call 2009-5-30 at $26.00, but it would appear some people are confident it will last until a call at $25.00 2013-10-30, to yield 3.12%
CM.PR.D PerpetualPremium 312,702 Another very-high-priced perpetual, at 27.51b. Nesbitt crossed 100,000 at 27.68. Now with a pre-tax bid-YTW of 1.91% based on a bid of 27.54 and a call 2008-5-31 at $26.00. It might last until 2012-5-30, to have yielded 3.86%. With an annual dividend of 1.4375, it might not!
PWF.PR.I PerpetualPremium 304,010 Nesbitt crossed 200,000 at 27.50, then another 100,000 at the same price three hours later. Now with a pre-tax bid-YTW of 2.44% based on a bid of 27.43 and a call 2008-5-30 at $26.00. Pays 1.50, so is there really a competent and confident school of thought that thinks it will last until a call at 25.00 2012-5-30, yielding 4.19%? The relatively recent PWF.PR.L pays 1.275.
NA.PR.K PerpetualPremium 202,815 The second-highest-priced index-included perpetual, at 27.90b. Nesbitt crossed 200,000 at 27.98. Now with a pre-tax bid-YTW of 1.03% based on a bid of 27.90 and a call 2008-6-14 at 26.00. It will yield 3.64% if it lasts until a 25.00 call 2012-6-14. Too chancy for me! Pays 1.4625.
PWF.PR.A Scraps 200,000 Royal processed an internal cross of 200,000 at 25.45. A floating rate issue, currently out of the index due to insufficient volume.
CM.PR.B PerpetualPremium 198,945 Called for redemption.
ACO.PR.A OpRet 115,349 Royal processed an internal cross of 115,000 shares at 28.25. Now with a pre-tax bid-YTW of 1.57% based on a bid of 28.13 and a call 2008-12-31 at 26.00. It pays 1.4375 and has a very steeply declining call premium (0.50 p.a.), so it might make last longer.
GWO.PR.X OpRet 108,897 Nesbitt crossed 100,000 at 27.50. Pre-tax bid-YTW now 2.49% based on a bid of 27.50 and a call 2009-10-30 at 26.00. It might last longer – the call premium declines by 0.33 p.a. – but I’ll let other people bet on that one.
NSI.PR.D Scraps 101,100 Royal processed an internal cross of 100,000 at 30.00. Not the biggest trader in the world, which is why it’s not in the OpRet index … at a bid of 29.62, it has a pre-tax bid-YTW of 3.62% based on a call 2015-11-14 at 25.00. This compares to 3.15% at the ask price of 30.61.

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

Market Action

December 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 4.17% 4.20% 32,732 17.06 1 +0.3235% 1,024.4
Fixed-Floater 4.78% 3.76% 101,817 8.37 7 +0.1236% 1,035.0
Floater 4.48% -22.00% 63,265 3.48 5 -0.3826% 1,041.5
Op. Retract 4.64% 0.78% 82,577 2.19 17 -0.0512% 1,031.8
Split-Share 5.06% 2.12% 248,989 2.52 9 -0.1149% 1,042.6
Interest Bearing 6.96% 5.80% 80,991 1.86 7 -0.0968% 1,026.8
Perpetual-Premium 4.99% 3.61% 291,270 4.18 52 +0.1171% 1,054.8
Perpetual-Discount 4.52% 4.49% 916,896 11.75 6 +0.0807% 1,060.8
Major Price Changes
Issue Index Change Notes
ENB.PR.D InterestBearing -1.1811% Called yesterday. I guess it was a surprise to some people!
PWF.PR.L PerpetualPremium +1.1240% Now with a pre-tax bid-YTW of 4.14% based on a bid of 26.99 and a call at $25.00, 2015-11-30.
Volume Highlights
Issue Index Volume Notes
FBS.PR.B SplitShare 288,977 Recent New Issue. Now with a pre-tax bid-YTW of 1.23% based on a bid of $10.38 and a call at $10.00 2008-1-14.
BC.PR.C FixedFloater 59,073 Nesbitt crossed 23,000 at $25.80.
CM.PR.I PerpetualPremium 55,140 New Issue November 15, continues to trade heavily. Now with a pre-tax bid-YTW of 4.52% based on a bid of $25.50 and a call 2016-3-1 at 4.52%
CM.PR.B PerpetualPremium 48,026 Basically a money market instrument, since it is being called Jan. 31.
RY.PR.D PerpetualPremium 45,045 Recent New Issue, now with a pre-tax bid-YTW of 4.41% based on a bid of $25.22 and a call 2016-3-25 at $25.00

There were seventeen other index-included issues with over 10,000 shares traded today.

Market Action

December 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 4.19% 4.22% 33,096 17.02 1 +0.0405% 1,021.1
Fixed-Floater 4.79% 3.79% 98,800 8.38 7 +0.0617% 1,033.7
Floater 4.46% -25.23% 62,871 0.34 5 +0.0550% 1,045.5
Op. Retract 4.64% 0.87% 81,879 2.19 17 +0.0137% 1,032.3
Split-Share 5.05% 2.11% 247,111 2.52 9 -0.1056% 1,043.8
Interest Bearing 6.95% 5.11% 79,449 1.86 7 +0.0229% 1,027.8
Perpetual-Premium 5.00% 3.56% 293,584 4.24 52 +0.1269% 1,053.6
Perpetual-Discount 4.53% 4.50% 922,402 13.33 6 +0.3778% 1,060.0
Major Price Changes
Issue Index Change Notes
ELF.PR.G PerpetualPremium +1.0993% Now with a pre-tax bid-YTW of 4.48% based on a bid of $25.75 and a call 2015-11-16 at $25.00
IAG.PR.A PerpetualDiscount +1.3944% This one looks like it will be moving to “PerpetualPremium” pretty promptly! Now with a pre-tax bid-YTW of 4.34%, based on a bid of $25.45 and a call 2015-4-30 at $25.00
Volume Highlights
Issue Index Volume Notes
FBS.PR.B SplitShare 499,712 Recent New issue. Now with a bid-YTW of 1.41% based on a bid of $10.36 and a call 2008-1-14 at $10.00
CM.PR.I PerpetualPremium 358,090 New issue closed Nov. 15, continues to trade heavily. Now with a pre-tax bid-YTW of 4.52% based on a bid of $25.51 and a call 2016-3-1 at $25.00
CL.PR.B PerpetualPremium 302,635 RBC crossed 150,000 at $26.15, then Nesbitt crossed the same number at the same price 13 minutes later. I last mentioned this November 29 and, well, at least the pre-tax bid-YTW’s not negative any more! It’s 1.20% based on a bid of $26.10 and a call 2007-1-30 at $26.00.
CM.PR.B PerpetualPremium 211,820 Basically a money market instrument, since it is being called Jan. 31.
RY.PR.C PerpetualPremium 147,825 National crossed 125,000, then 10,000, then 5,000, all at $25.55. Now with a pre-tax bid-YTW of 4.42% based on a bid of $25.53 and a call 2015-12-24 at $25.00
BAM.PR.M PerpetualDiscount 108,300 RBC crossed 100,000 at $25.10. Now with a pre-tax bid-YTW of 4.70% based on a bid of $25.10 and a call 2016-3-1 at $25.00

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

Market Action

December 15, 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 4.20% 4.22% 33,370 17.01 1 -0.0404% 1,020.7
Fixed-Floater 4.79% 3.81% 100,905 8.38 7 +0.1629% 1,033.1
Floater 4.46% -25.29% 63,178 3.47 5 +0.6029% 1,044.9
Op. Retract 4.64% 0.86% 82,781 2.19 17 +0.0569% 1,032.2
Split-Share 5.10% 2.27% 138,530 2.72 8 +0.4143% 1,045.0
Interest Bearing 6.95% 5.09% 79,009 2.35 7 +0.2087% 1,027.6
Perpetual-Premium 5.00% 3.71% 291,647 4.30 52 +0.1269% 1,052.3
Perpetual-Discount 4.55% 4.50% 928,803 11.74 6 +0.1675% 1,056.0

 

Major Price Changes
Issue Index Change Notes
LBS.PR.A SplitShare +1.2903% Now with a pre-tax bid-YTW of 3.75% based on a bid of $10.99 and a hardMaturity 2013-11-29 at $10.00. It is interesting to compare this with the FBS.PR.B new issue, which finished its opening data at 10.38-bid for a pre-tax YTW of 1.21% based on a call 2008-1-14 at $10.00, or 3.93% if it lasts until its hardMaturity 2011-12-15 at $10.00.
TOC.PR.B Floater +1.8010% What makes this large gain even more odd than it is already, is that it is based on a closing price of $26.00-bid. Global crossed 80,900 for cash at $26.56, then the same number for regular settlement at $26.29.
Volume Highlights
Issue Index Volume Notes
FBS.PR.B SplitShare 2,347,825 New issue closed today. Volume was about one-sixth of the issue size!
GWO.PR.F PerpetualPremium 305,245 This has been a heavy trader recently. Desjardins crossed 89,600 at 28.15, then after a few hours, crossed 85,400 at the same price
BC.PR.B FixedFloater 212,900 Scotia crossed 100,000 at 25.40, then Nesbitt crossed 112,000 at the same price.
TOC.PR.B Floater 166,500 See the “performance” table, above.
RY.PR.D PerpetualPremium 68,240 Recent new issue.

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

Market Action

Strange Stability in Credit Spreads

I’m not too sure what to make of this.

As readers of the glossary know:

The values of all three of these parameters has been oddly stable since early October – I have uploaded graphs for the taxable curve and for the non-taxable curve.

Frankly, I’m not too sure what the implications of such stability are, but I’m pointing it out as an interesting feature of the current market.

Market Action

December 14, 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 4.21% 4.23% 34,748 17.00 1 +0.1215% 1,021.1
Fixed-Floater 4.80% 3.87% 101,228 8.38 7 +0.2368% 1,031.4
Floater 4.48% -19.95% 62,955 3.47 5 +0.1340% 1,038.6
Op. Retract 4.64% 1.00% 81,973 2.20 17 -0.0475% 1,031.6
Split-Share 5.12% 2.41% 140,006 2.71 8 +0.2179% 1,040.6
Interest Bearing 6.95% 5.31% 78,518 2.34 7 -0.0019% 1,025.5
Perpetual-Premium 5.01% 3.73% 294,853 4.29 52 +0.0288% 1,052.0
Perpetual-Discount 4.55% 4.54% 946,271 13.31 6 +0.1151% 1,054.2
Major Price Changes
Issue Index Change Notes
FFN.PR.A SplitShare -1.4006% Now with an entirely reasonably pre-tax bid-YTW of 3.31% based on a bid of $10.56 and a hardMaturity at $10.00 on 2009-12-1
GWO.PR.G PerpetualPermium +1.1949% Now with a pre-tax bid-YTW of 3.51% based on a bid of $27.10 and a call 2010-1-30 at $26.00. If it makes it to the $25.00 call 2014-1-30, it will have yielded 3.83%. I call it expensive.
WFS.PR.A SplitShare +1.2299% Now with a pre-tax bid-YTW of 3.54% based on a bid of $10.70 and a hard maturity 2011-6-30 at $10.00. An entirely reasonably priced issue.
BSD.PR.A InterestBearing +1.4199% Now with a pre-tax bid-YTW of 6.05% (as interest!) based on a bid of $10.00 and a hard maturity 2015-3-31 at $10.00
Volume Highlights
Issue Index Volume Notes
CM.PR.I PerpetualPremium 102,755 Recent new issue. Now with a pre-tax bid-YTW of 4.57% based on a bid of $25.40 and a call 2016-3-1 at $25.00
BCE.PR.R FixedFloater 148,375 Maple crossed 140,000 on a cash basis at $25.36.
BCE.PR.T Scraps 141,000 Maple crossed 139,000 for cash at $25.40. They were busy today!
GWO.PR.F PerpetualPremium 136,245 Also a heavy trader yesterday. Pre-tax bid-YTW of 1.21% based on a bid of $28.09 and a call 2008-10-30 at $26.00. Even more expensive than the GWO.PR.G mentioned above, if you want to listen to me.
BAM.PR.M PerpetualDiscount 106,390 Recent new issue. Now with a pre-tax bid-YTW of 4.65% based on a bid of $25.19 and a call 2016-3-1 at $25.00.

There were eighteen other index-included issues with over 10,000 shares traded today.

Market Action

December 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 4.22% 4.24% 36,183 16.98 1 -0.0405% 1,019.9
Fixed-Floater 4.81% 3.89% 100,950 10.63 7 -0.1006% 1,028.9
Floater 4.49% -18.73% 63,688 3.47 5 +0.2245% 1,037.2
Op. Retract 4.64% +0.63% 81,563 2.20 17 -0.0691% 1,032.0
Split-Share 5.14% 2.48% 139,550 2.71 8 -0.0321% 1,038.4
Interest Bearing 6.95% 5.00% 76,607 2.33 7 +0.1522% 1,025.5
Perpetual-Premium 5.01% 3.49% 294,576 4.31 52 +0.0504% 1,051.7
Perpetual-Discount 4.56% 4.56% 941,546 13.14 6 +0.0274% 1,053.0
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major price moves today.
Volume Highlights
Issue Index Volume Notes
BCE.PR.T Scraps 425,300 Scotia crossed 425,000 at $25.40 in Cash trade. About time someone traded this recent conversion in size!
RY.PR.D PerpetualPremium 249,115 New Issue. Pre-tax bid-YTW of 4.47% based on a bid of $25.10 and a call at $25.00 on 2016-3-25
WN.PR.C PerpetualPremium 160,500 Global crossed 80,000 for cash at 27.08, then 80,000 regular settlement at 26.75. Went ex-dividend today for $0.325. Pre-tax bid-YTW now 4.20% based on a bid of 26.60 and a call 2014-7-31 at $25.00 (but 2013-7-31 at 25.25 gives the same yield … and 2012-7-31 at 25.50 outputs 4.21%, so take your pick).
CM.PR.I PerpetualPremium 102,755 Recent new issue. Pre-tax bid-YTW of 4.61% based on a bid of 25.31 and a call on 2016-3-1 at 25.00
GWO.PR.F PerpetualPremium 101,070 Scotia crossed 68,400 at 27.91, then another 31,600 at the same price. Now with a pre-tax bid-YTW of 1.53% based on a bid of 27.93 and a call 2008-10-30 at $26.00. Pays $1.475, so an early call seems likely even given the declining premium, but somebody obviously disagrees and is betting on 2012-10-30 at $25.00 to yield 3.64% … which is still no great shakes, according to me!

There were thirty other index-included issues with over 10,000 shares traded today.

Market Action

December 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 4.23% 4.24% 36,419 16.97 1 +0.0000% 1,020.3
Fixed-Floater 4.81% 3.83% 102,144 8.37 7 -0.1061% 1,030.0
Floater 4.48% -17.73% 63,425 6.60 5 -0.2710% 1,034.9
Op. Retract 4.63% +0.08% 82,309 2.20 17 -0.0319% 1,032.8
Split-Share 5.12% 2.98% 139,602 2.70 8 -0.0579% 1,038.7
Interest Bearing 6.90% 5.43% 76,350 3.84 7 -0.1846% 1,023.9
Perpetual-Premium 5.01% 3.54% 249,455 4.41 51 +0.0680% 1,051.1
Perpetual-Discount 4.56% 4.56% 951,558 13.14 6 +0.2833% 1,052.7
Major Price Changes
Issue Index Change Notes
AL.PR.E Floater -1.3884% Any dreams I ever had of attempting to understand this issue, with its bizarre dividend calculation methodology, have long since vanished. It pays 100% of Prime, is priced at 26.28, and has been callable at $25.00 for 13 years.
Volume Highlights
Issue Index Volume Notes
CM.PR.I PerpetualPremium 184,344 Recent new issue, pre-tax bid-YTW now 4.63% based on a bid of $25.27 and a call at $25.00 2016-3-1.
BAM.PR.M PerpetualDiscount 158,700 Recent new issue, pre-tax bid-YTW now 4.77% based on a bid of 25.06 and a limitMaturity.
TOC.PR.B Floater 140,350 Scotia crossed 139,500 at $25.90.
RY.PR.A PerpetualDiscount 29,500 Now with a pre-tax bid-YTW of 4.45% based on a bid of $25.10 and a call 2015-6-23 at $25.00
BAM.PR.B Floater 28,427 National Bank crossed 25,000 at $24.90

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

Market Action

December 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 4.25% 4.25% 37,924 16.95 1 +0.0405% 1,020.3
Fixed-Floater 4.80% 3.77% 101,668 8.38 7 +0.2541% 1,031.1
Floater 4.47% -20.26% 59,880 6.58 5 -0.0313% 1,037.7
Op. Retract 4.63% -0.43% 80,853 2.20 17 +0.0916% 1,033.1
Split-Share 5.11% 2.95% 142,032 2.70 8 -0.0005% 1,039.3
Interest Bearing 6.89% 5.23% 75,796 3.84 7 +0.1265% 1,025.8
Perpetual-Premium 5.02% 3.63% 251,087 4.38 51 +0.0294% 1,050.4
Perpetual-Discount 4.57% 4.58% 952,037 16.28 6 +0.4274% 1,049.8
Major Price Changes
Issue Index Change Notes
SLF.PR.C PerpetualDiscount +1.2371% Comes back from yesterday’s swoon to yield 4.53% based on a bid of $24.55 and a limitMaturity.
Volume Highlights
Issue Index Volume Notes
POW.PR.D PerpetualPremium 104,490 Now with a pre-tax bid-YTW of 4.36% based on a bid of $26.30 and a call 2014-11-30 at $25.00
CM.PR.I PerpetualDiscount 91,905 Recent new issue, pre-tax bid-YTW now 4.64% based on a bid of $25.26 and a call at $25.00 2016-3-1
W.PR.J PerpetualPremium 86,200 Nesbitt crossed 85,000 at $25.53. Now with a pre-tax bid-YTW of 4.85% based on a call 2008-8-14. An attractive issue, if you don’t mind the usually low volume (averageTradingValue ~ $52,000) and the exclusion from HIMIPref™ recommendations due to the short term of the YTW Scenario
SLF.PR.D PerpetualDiscount 47,192 Has been very active! Just for fun, I’ve prepared graphs of volume-average and flatBidPrice since issue, with its twin, SLF.PR.C, as comparator. Price went up a good chunk today, to close at $24.55-65, for a pre-tax bid-YTW of 4.53% based on a limit maturity.
GWO.PR.I PerpetualDiscount 24,450 Now with a pre-tax bid-YTW of 4.55% based on a bidof 24.70 and a limit maturity.

There were five other index-included issues with over 10,000 shares traded today.