Category: Market Action

Market Action

April 12, 2007

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 4.16% 4.13% 46,302 17.05 2 -0.2194% 1,039.4
Fixed-Floater 5.00% 4.01% 90,778 17.11 6 -0.4378% 1,022.5
Floater 4.58% -18.29% 57,706 0.13 4 +0.0493% 1,055.1
Op. Retract 4.72% 3.06% 85,131 2.12 17 +0.0688% 1,035.0
Split-Share 5.01% 3.71% 159,692 3.19 12 +0.0231% 1,049.6
Interest Bearing 6.53% 5.19% 63,809 2.29 5 -0.2553% 1,043.9
Perpetual-Premium 5.04% 3.93% 188,093 5.09 53 +0.0536% 1,059.3
Perpetual-Discount 4.53% 4.55% 906,951 16.32 11 +0.0367% 1,066.0
Major Price Changes
Issue Index Change Notes
BCE.PR.R FixedFloater -1.0454% Quick, says someone, get out of BCE before a leveraged buy-out turns the credit to junk! This one pays 4.54%, with the rate being reset 2010-12-01, at which point it is also exchangeable into a ratchet-rate.
Volume Highlights
Issue Index Volume Notes
BCE.PR.A FixedFloater 255,890 Desjardins crossed 140,000 at 24.50, then another 98,000 at the same price. Somebody took a real haircut to get out of BCE in size – yesterday it was bid at 25.01, and closed today at 24.83-04. I tell people: this kind of instrument is not money market! Not with perpetual credit risk, it isn’t. But nobody ever listens.
SLF.PR.B PerpetualPremium 44,100 Nesbitt crossed 40,000 at 25.82. Now with a pre-tax bid-YTW of 4.35% based on a bid of $25.80 and a call 2014-10-30 at $25.00.
CM.PR.I PerpetualPremium 24,011 Now with a pre-tax bid-YTW of 4.51% based on a bid of 25.35 and a call 2016-3-1 at $25.00
SLF.PR.D PerpetualDiscount 16,785 Now with a pre-tax bid-YTW of 4.51% based on a bid of 24.76 and a limitMaturity.
BNS.PR.M PerpetualDiscount 16,650 Recent new issue. Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.89 and a limitMaturity.

There were eleven other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 11, 2007

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 4.15% 4.12% 47,353 17.07 2 -0.8161% 1,041.7
Fixed-Floater 4.98% 3.98% 88,663 17.12 6 +0.0805% 1,027.0
Floater 4.58% -17.80% 58,087 0.13 4 -0.1275% 1,054.5
Op. Retract 4.72% 3.15% 84,881 2.13 17 +0.0050% 1,034.2
Split-Share 5.00% 3.77% 160,236 3.18 12 +0.0935% 1,049.4
Interest Bearing 6.51% 3.65% 64,109 2.29 5 +0.3053% 1,046.6
Perpetual-Premium 5.04% 3.95% 189,738 5.07 53 +0.0707% 1,058.8
Perpetual-Discount 4.53% 4.55% 933,621 16.32 11 +0.0366% 1,065.6
Major Price Changes
Issue Index Change Notes
BCE.PR.H RatchetRate -1.0396% I thought ratchets weren’t supposed to do this! These will be exchangeable into BCE.PR.G (fixed-reset) May 1, 2011. The BCE.PR.H are currently paying $0.09375 monthly = $1.125 annually = 4.5% = 75% of Canadian Prime.
W.PR.H PerpetualPremium +1.0960% On volume of 6,291 shares, an active day for this issue. It traded as high as 27.00, closing at 26.75-89, 1×1. Now with a pre-tax bid-YTW of 4.15% based on a call 2013-2-14 at $25.00
Volume Highlights
Issue Index Volume Notes
AL.PR.F Scraps (would be Floater, but there are volume concerns) 164,229 Went ex-dividend today, and the indefatigable traders at Global were crossing 82,000 for cash at 25.87, and the same number for regular settlement at 25.58.
CM.PR.J PerpetualDiscount 108,500 Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.77 and a limitMaturity
ACO.PR.A OpRet 101,011 Scotia crossed 50,000 at 27.65, then another 50,000 at the same price. Now with a pre-tax bid-YTW of 2.44% based on a bid of 27.51 and a call 2008-12-31 at $26.00. There is obviously at least one buyer hoping for the softMaturity 2011-11-30 at $25.00, which will yield 3.56%. There are many such optimists: see Retractible Preferreds and Bonds.
BNS.PR.M PerpetualDiscount 71,800 Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of 24.92 and a limitMaturity.
CM.PR.I PerpetualPremium 28,860 Now with a pre-tax bid-YTW of 4.55% based on a bid of $25.26 and a call 2016-03-01 at $25.00.

There were seven other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 10, 2007

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 4.13% 4.08% 47,493 17.13 2 +0.0000% 1,050.2
Fixed-Floater 4.98% 3.98% 88,531 17.11 6 -0.4102% 1,026.2
Floater 4.57% -19.13% 58,497 0.13 4 +0.1183% 1,055.9
Op. Retract 4.72% 3.09% 84,569 2.13 17 +0.0822% 1,034.2
Split-Share 5.01% 3.82% 162,068 3.26 12 -0.0663% 1,048.4
Interest Bearing 6.53% 5.60% 64,134 2.29 5 +0.1210% 1,043.4
Perpetual-Premium 5.04% 3.95% 191,024 5.20 53 +0.0257% 1,058.0
Perpetual-Discount 4.53% 4.55% 946,431 16.32 11 -0.1058% 1,065.2
Major Price Changes
Issue Index Change Notes
BCE.PR.R FixedFloater -1.1160%  
Volume Highlights
Issue Index Volume Notes
BNS.PR.M PerpetualDiscount 72,600 Recent new issue. Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.87 and a limitMaturity.
BCE.PR.A FixedFloater 44,700 Becomes exchangeble to Series “AB” Ratchet Rate Preferred 2007-09-01. The dividend rate paid on the BCE.PR.A will be reset at that time … I bet it will be less than the current $1.3625!
SLF.PR.D PerpetualDiscount 24,585 Now with a pre-tax bid-YTW of 4.52% based on a bid of 24.70 and a limitMaturity.
GWO.PR.H PerpetualPremium 22,185 Now with a pre-tax bid-YTW of 4.44% based on a bid of 25.73 and a call 2014-10-30 at $25.00.
CM.PR.J PerpetualDiscount 19,970 Now with a pre-tax bid-YTW of 4.54% based on a bid of $24.76 and a limitMaturity.

There were fifteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 9, 2007

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 4.13% 4.09% 46,156 17.12 2 +0.0199% 1,050.2
Fixed-Floater 4.96% 3.97% 85,926 17.14 6 +0.1675% 1,030.4
Floater 4.58% -18.14% 59,641 0.09 4 +0.0100% 1,054.6
Op. Retract 4.73% 3.18% 84,566 2.19 17 +0.0338% 1,033.3
Split-Share 5.00% 3.80% 164,934 3.27 12 -0.0935% 1,049.1
Interest Bearing 6.54% 4.38% 62,821 2.28 5 +0.0640% 1,042.2
Perpetual-Premium 5.04% 3.95% 192,316 5.38 53 -0.0716% 1,057.7
Perpetual-Discount 4.53% 4.54% 962,934 16.33 11 -0.0400% 1,066.4
Major Price Changes
Issue Index Change Notes
There were no index-included issues with major price moves today.
Volume Highlights
Issue Index Volume Notes
BNS.PR.M PerpetualDiscount 58,290 Recent new issue. Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.87 and a limitMaturity.
CM.PR.D PerpetualPremium 43,349 TD crossed 35,000 at 26.67. Now with a pre-tax bid-YTW of 3.26% based on a bid of 26.59 and a call 2008-5-30 at $26.00.
WN.PR.E PerpetualDiscount 20,093 Now with a pre-tax bid-YTW of 4.80% based on a bid of 24.86 and a limitMaturity. Not bad, if the credit stays good!
SLF.PR.E PerpetualDiscount 17,020 Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.91 and a limitMaturity.
RY.PR.F PerpetualDiscount 15,500 Recent new issue. Now with a pre-tax bid-YTW of 4.52% based on a bid of $24.80 and a limitMaturity.

There were six other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 5, 2007

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 4.14% 4.09% 48,057 17.12 2 +0.0000% 1,050.0
Fixed-Floater 4.97% 3.99% 87,413 17.14 6 -0.5028% 1,028.7
Floater 4.58% -17.77% 61,718 0.09 4 -0.0392% 1,054.5
Op. Retract 4.73% 3.16% 84,998 2.14 17 +0.0757% 1,033.0
Split-Share 5.00% 3.74% 168,106 3.20 12 -0.0298% 1,050.1
Interest Bearing 6.54% 3.45% 63,137 2.29 5 -0.1420% 1,041.5
Perpetual-Premium 5.04% 3.83% 195,008 5.12 53 -0.0435% 1,058.5
Perpetual-Discount 4.52% 4.54% 981,834 15.48 11 -0.0215% 1,066.8
Major Price Changes
Issue Index Change Notes
GWO.PR.H PerpetualPremium -1.1197% On volume of 11,555 shares, about average for this issue. Now with a pre-tax bid-YTW of 4.50% based on a bid of 25.61 and a call 2014-10-30 at $25.00
Volume Highlights
Issue Index Volume Notes
BNS.PR.M PerpetualDiscount 724,590 New issue settled today. Now with a pre-tax bid-YTW of 4.54% based on a bid of 24.87 and a limitMaturity.
BCE.PR.C FixedFloater 62,000 Becomes exchangeable into the Ratchet-Rate series AD March 1, 2008. Until then, it pays a fixed dividend of $1.385 p.a. Afterwards … I bet it’s less!
PWF.PR.K PerpetualPremium 54,102 Now with a pre-tax bid-YTW of 4.51% based on a bid of $25.66 and a call 2014-11-30 at $25.00.
BCE.PR.A FixedFloater 52,330 Exchangeable into Ratchet-Rate series AB on September 1, 2007. Until then, it pays $1.3625 p.a. … afterwards … who knows?
BCE.PR.H RatchetRate 41,900  

There were thirteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 4, 2007

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 4.14% 4.10% 45,864 17.11 2 +0.0004% 1,050.0
Fixed-Floater 4.95% 3.96% 85,337 17.16 6 -0.4319% 1,033.9
Floater 4.58% -18.22% 61,752 0.26 4 -0.2152% 1,055.0
Op. Retract 4.73% 3.18% 85,831 2.15 17 -0.1758% 1,032.2
Split-Share 5.00% 3.69% 170,502 3.21 12 +0.0333% 1,050.4
Interest Bearing 6.53% 3.04% 63,163 2.29 5 +0.0481% 1,043.0
Perpetual-Premium 5.04% 3.85% 197,137 5.13 53 +0.0202% 1,059.0
Perpetual-Discount 4.53% 4.54% 825,567 16.34 10 +0.0121% 1,067.0
Major Price Changes
Issue Index Change Notes
BCE.PR.I FixedFloater -1.7289% On high volume (for this issue) of 17,277 shares.
Volume Highlights
Issue Index Volume Notes
SLF.PR.E PerpetualDiscount 261,200 National Bank crossed 50,000 at 24.95. Now with a pre-tax bid-YTW of 4.52% based on a bid of $24.95 and a limitMaturity.
TD.PR.M OpRet 122,100 Went ex-dividend today and Global crossed 60,800 for cash at 27.51 and 60,800 for regular settlement at 27.21. Now with a pre-tax bid-YTW of 3.04% based on a bid of 26.72 and a call 2009-5-30 at 26.00.
BCE.PR.A FixedFloater 100,400 RBC bought two tranches of 10,000 shares each from National Bank at 25.05; Nesbitt crossed 50,000 at 25.06.
RY.PR.W PerpetualPremium 71,340 RBC crossed 60,000 at 26.30. Now with a pre-tax bid-YTW of 4.21% based on a bid of $26.21 and a call 2014-3-26 at $25.00.
SLF.PR.C PerpetualDiscount 40,600 Nesbitt crossed 30,000 at 24.85. Now with a pre-tax bid-YTW of 4.51% based on a bid of $24.76 and a limitMaturity.

There were sixteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 3, 2007

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 4.14% 4.04% 46,177 17.11 2 -0.1585% 1,050.0
Fixed-Floater 4.92% 3.92% 83,859 17.17 6 +0.1393% 1,038.3
Floater 4.57% -20.01% 60,320 0.13 4 +0.1974% 1,057.2
Op. Retract 4.72% 3.12% 85,510 2.15 17 -0.0459% 1,034.0
Split-Share 5.00% 3.74% 174,820 3.29 12 -0.1428% 1,050.0
Interest Bearing 6.54% 3.03% 64,071 2.30 5 +0.0125% 1,042.5
Perpetual-Premium 5.03% 3.84% 197,908 5.12 53 -0.0705% 1,058.8
Perpetual-Discount 4.53% 4.54% 827,894 16.34 10 -0.0158% 1,066.9
Major Price Changes
Issue Index Change Notes
CU.PR.B PerpetualPremium -1.0989% I suppose the new issue announcement has alerted some to the idea that the various high-coupon, high-premium CU issues may be less perpetual than has been assumed! Now with a pre-tax bid-YTW of 3.03% based on a bid of $27.00 and a call 2008-7-1 at $26.00.
Volume Highlights
Issue Index Volume Notes
NA.PR.K PerpetualPremium 129,000 Now with a pre-tax bid-YTW of 3.22% based on a bid of 26.93 and a call 2008-6-14 at $26.00
GWO.PR.I PerpetualDiscount 83,250 Now with a pre-tax bid-YTW of 4.51% based on a bid of $25.00 and a limitMaturity.
WN.PR.B OpRet 26,144 Now with a pre-tax bid-YTW of 3.13% based on a bid of $26.10 and a softMaturity 2009-6-30 at $25.00
SLF.PR.C PerpetualDiscount 22,338 Now with a pre-tax bid-YTW of 4.50% based on a bid of 24.78 and a limitMaturity.
RY.PR.F PerpetualDiscount 18,860 Now with a pre-tax bid-YTW of 4.53% based on a bid of 24.70 and a limitMaturity.

There were thirteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Market Action

April 2, 2007

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 4.14% 4.05% 47,109 10.57 2 -0.0794% 1,051.7
Fixed-Floater 4.93% 3.95% 85,569 17.17 6 -0.0586% 1,036.9
Floater 4.58% -18.57% 61,156 0.40 4 -0.0393% 1,055.1
Op. Retract 4.72% 3.08% 85,331 2.15 17 +0.0494% 1,034.5
Split-Share 4.99% 3.61% 179,325 3.21 12 -0.1228% 1,051.5
Interest Bearing 6.54% 3.18% 64,163 2.30 5 -0.3411% 1,042.4
Perpetual-Premium 5.02% 3.64% 200,132 5.13 53 -0.0299% 1,059.5
Perpetual-Discount 4.52% 4.54% 839,017 16.35 10 +0.0204% 1,067.1
Major Price Changes
Issue Index Change Notes
BSD.PR.A InterestBearing -1.8627% TD did a little selling late in the day that appears to have taken the bid out. Probably just noise. Now with a pre-tax bid-YTW of 6.08% (INTEREST!) based on a bid of $10.01 and a hardMaturity 2015-3-31.
TD.PR.N OpRet +1.0636% On volume of 100 shares. Now with a pre-tax bid-YTW of 2.38% based on a bid of $27.03 and a call 2009-5-30 at $26.00. If it makes it to its softMaturity 2014-01-30 at $25.00, it will have yielded 3.23%. If.
TD.PR.M OpRet +1.3073% Now with a pre-tax bid-YTW of 2.31% based on a bid of $27.12 and a call 2009-5-30 at $26.00. It will have yielded 3.22% if it makes it to its softMaturity 2013-10-30 at $25.00. Again … I’m not holding my breath.
TD.PR.O PerpetualPremium +1.3351% TD common stock went ex-Dividend today. Did everybody re-invest in prefs? Now with a pre-tax bid-YTW of 3.90% based on a bid of $26.50 and a call 2014-11-30 at $25.00
See “Update”, below, re shaded elements of this table
Volume Highlights
Issue Index Volume Notes
PWF.PR.F PerpetualPremium 40,400 National Bank bought 37,100 from Nesbitt at $25.90. Now with a pre-tax bid-YTW of 4.52% based on a bid of $25.87 and a call 2010-12-30 at $25.00.
BMO.PR.G OpRet 37,523 Now with a pre-tax bid-YTW of 4.12% based on a bid of $25.20 and a call 2007-9-24 at $25.00.
SLF.PR.D PerpetualDiscount 29,238 RBC bought 10,000 from Scotia at $24.87. Now with a pre-tax bid-YTW of 4.49% based on a bid of $24.85 and a limitMaturity.
RY.PR.F PerpetualDiscount 24,243 Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.70 and a limitMaturity.
BAM.PR.M PerpetualPremium 21,177 Now with a pre-tax bid-YTW of 4.75% based on a bid of $25.05 and a call 2016-3-1 at $25.00.

There were ten other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

Update : TD dividends were inaccurately recorded. The ex-date was 4/4 for this dividend, not 4/2; hence, performance is shown here including a dividend that did not, in fact, become receivable.

Market Action

March 30, 2007

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 4.21% 4.03% 67,370 3.82 1 +0.0000% 1,052.5
Fixed-Floater 5.00% 3.90% 96,811 17.23 5 +0.0874% 1,037.5
Floater 4.72% -20.06% 74,500 0.32 3 +0.1313% 1,055.6
Op. Retract 4.72% 3.04% 85,479 2.16 17 -0.0828% 1,034.0
Split-Share 5.01% 3.14% 158,951 3.31 14 +0.0234% 1,052.8
Interest Bearing 6.51% 5.36% 64,757 2.32 5 +0.0934% 1,045.9
Perpetual-Premium 5.02% 3.56% 219,123 5.15 53 -0.0031% 1,059.8
Perpetual-Discount 4.53% 4.54% 762,721 15.37 10 -0.0157% 1,066.8
Major Price Changes
Issue Index Change Notes
FFN.PR.A SplitShare -1.5109% May be extending term soon, which will be really good for the issue’s fundamentals as long as there is nothing horrible in the as-yet-unreleased details. Now with a pre-tax bid-YTW of 3.52% based on a bid of $10.43 and a hardMaturity 2009-12-1 at $10.00.
Volume Highlights
Issue Index Volume Notes
PWF.PR.F PerpetualPremium 51,950 Now with a pre-tax bid-YTW of 4.47% based on a bid of 25.90 and a call 2010-12-30 at $25.00
BCE.PR.Z FixedFloater 33,021  
RY.PR.F PerpetualDiscount 32,681 Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.68 and a limitMaturity.
GWO.PR.I PerpetualDiscount 31,950 RBC crossed 25,000 at $25.00. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.87 and a limitMaturity.
CM.PR.J PerpetualDiscount 23,245 Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.81 and a limitMaturity.

Kudos to TD, who crossed 50,000 CCS.PR.A, a Pfd-3 floater with the agonizing combination of fat coupon and current, long-standing, call. The volume-average is 324.5 shares per day. And, if truth be known, if it had sufficient credit quality & volume to index-included, it would be deemed a “PerpetualPremium” … the yield has a floor, which is now in operation [It pays 5.5%, NOT 90% of Canadian Prime.] and I refuse to call things floaters if they don’t actually float.

There were eleven other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.

And that’s it for another month, quarter, and sixth full year of operation of MAPF.

Market Action

March 29, 2007

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 4.20% 4.02% 69,626 3.83 1 +0.1992% 1,052.5
Fixed-Floater 5.00% 3.91% 97,951 17.22 5 -0.2827% 1,036.6
Floater 4.72% -19.05% 77,179 0.51 3 -0.0524% 1,054.2
Op. Retract 4.71% 2.99% 85,619 2.16 17 -0.0569% 1,034.8
Split-Share 5.01% 3.13% 162,104 3.32 14 -0.1366% 1,052.6
Interest Bearing 6.52% 5.03% 64,879 2.32 5 +0.0890% 1,044.9
Perpetual-Premium 5.02% 3.55% 221,447 5.21 53 -0.0492% 1,059.8
Perpetual-Discount 4.53% 4.54% 774,284 15.38 10 +0.1090% 1,067.0
Major Price Changes
Issue Index Change Notes
BSD.PR.A InterestBearing +1.0000% On slightly below-average volume, but with a good-sized (for this issue!) bid at the close. Now with a pre-tax bid-YTW of 5.92% (as INTEREST) based on a bid of $10.00 and a hardMaturity 2015-3-31 at $10.00.
Volume Highlights
Issue Index Volume Notes
BCE.PR.C FixedFloater 58,550  
MFC.PR.A OpRet 56,210 Now with a pre-tax bid-YTW of 3.31% based on a bid of $26.54 and a softMaturity 2015-12-18 at $25.00. Early calls don’t make a lot of difference to the yield on this thing (i.e., it’s expected to lose $1.54 over about 7.75 years ANYWAY, so a call premium that declines at $0.25 p.a. is not a huge change) but do make it hard to set duration … and place bets on interest-rate moves. 

Um … I didn’t mean “place bets”. I meant “act prudently in accordance with forecasts”.
BAM.PR.H OpRet 55,913 Desjardins crossed 50,000 at $27.03. Now with a pre-tax bid-YTW of 2.66% based on a bid of $26.91 and a call 2008-10-30 at $25.75. If it doesn’t make it to its softMaturity 2012-3-30 to yield 4.07%, there will be a very disappointed buyer!
SLF.PR.D PerpetualDiscount 29,338 Now with a pre-tax bid-YTW of 4.49% based on a bid of $24.81 and a limitMaturity.
BAM.PR.M PerpetualPremium 24,865 Now with a pre-tax bid-YTW of 4.75% based on a bid of $25.05 and either a call 2016-3-1 at $25.00, or a limitMaturity. Take your pick.

There were twelve other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.