Category: Data Changes

Data Changes

YPG.PR.A Dials a Wrong Number

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.

Better Communication, Please!

CCS.PR.A Dividend Dates Unclear

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.

Better Communication, Please!

BNA.PR.C Dividend Dates Changed!

Well … I thought it was over. But it wasn’t.

I am now advised that:

  • Declaration date 2/23
  • Ex-Date 2/28
  • Record Date 3/2
  • Pay Date 3/7
  • Amount 0.1460

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.

Better Communication, Please!

BNA.PR.C Dividend Asserted

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:

  • The dividend was declared
  • The record date was 2/22
  • The pay date is 3/7
  • The amount is $0.1406
  • She is unsure why Bloomberg & the TSE are not reporting it
  • She will find out whether future dividends will be posted on the website

Dividend information on HIMIPref™ has been changed to reflect this information. Well, that’s that.

Better Communication, Please!

BNA.PR.A / BNA.PR.B Dividends Confirmed; BNA.PR.C unconfirmed

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.

Better Communication, Please!

BNA.PR.A / BNA.PR.B / BNA.PR.C Dividend Estimate

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

Better Communication, Please!

ABK.PR.C Dividend Estimate

Dividends have not yet been declared for this issue. On the basis of past history:

Recent Dividends, ABK.PR.C
Ex-Date Record Date Pay Date Amount
2005-03-07 2005-03-09 2005-03-10 0.760000
2005-06-07 2005-06-09 2005-06-10 0.760000
2005-08-22 2005-08-24 2005-09-10 0.760000
2005-11-22 2005-11-24 2005-12-09 0.760000
2006-03-07 2006-03-09 2006-03-10 0.760000
2006-05-19 2006-05-24 2006-06-09 0.760000
2006-08-22 2006-08-24 2006-09-08 0.760000
2006-11-22 2006-11-24 2006-12-08 0.760000

… it appears that this company enjoys playing games with the first dividend in each calendar year.

Why, I couldn’t begin to guess. However, the dividend dates have been estimated as 3/7, 3/9, 3/12; this will be checked in due course.

Data Changes

ENB.PR.D Redemption Completed

ENB.PR.D, an interest bearing preferred security, was redeemed today as previously noted. They had, presumably, no difficulty in finding the money for the redemption, what with their recent equity issue and my January gas bill.

This leaves the interestBearing index bereft of all operating companies; it is now populated solely by split-share corporations.

It now remains to be seen whether they will also redeem ENB.PR.A, a perpetual that is currently part of the PerpetualPremium index. This issue has been mentioned as occasionally drifting into negative YTW territory; it’s currently redeemable at $25.25, but will be redeemable at par in December.

Oops! There is actually one remaining operating company issue left in the interestBearing index … BAM.PR.T. However, it is virtually certain that BAM.PR.T will be redeemed in June, so I was only off by five months!

Data Changes

BNA.PR.A / BNA.PR.B / BNA.PR.C : Feb '07 Dividend Dates Estimated

BAM Split Corp. has joined Manulife on this month’s lengthy list of irritations by not having declared their dividends as yet.

On the basis of recent dividends I am currently assuming that the relevant dates are 2/20, 2/22 and 3/7 but these dates should be considered tentative in the extreme.

I will confirm these dates when available from either the company or the TSX.

Data Changes

CM.PR.J : Not as Bad as Expected

The new issue from CIBC commenced trading today and on heavy volume of 807,580 shares closed at $24.87-88, 30×100.

CIBC announced that

Following the successful sale of the initially announced
10 million Series 32 Shares, the underwriters exercised an option to purchase
an additional 2 million shares.

The securityCode for this issue is A42019, replacing the preIssue code of P25005. A reorgDataEntry has been input to reflect the change.

curvePrice calculations for it and the comparables previously examined are:

Curve Prices (and other info) on CM.PR.J and comparables
Data CM.PR.J CM.PR.I CM.PR.H RY.PR.D
Price due to base-rate 23.05 23.72 23.95 23.17
Price due to short-term -0.47 -0.48 -0.50 -0.48
Price due to long-term 1.23 1.26 1.30 1.25
Price due to Liquidity 1.43 1.48 1.49 1.48
Price due to error 0.04 0.04 0.04 -0.02
Price due to Credit Spread (Low) -0.54 -0.55 -0.56 NA
Curve Price $24.75 $25.46 $25.72 $25.40
Quote 2/14 $24.87-88 25.50-52 25.86-98 25.01-08
Annual Dividend $1.125 $1.175 $1.20 $1.125
After-Tax YTW 3.61% 3.56% 3.42% 3.62%
Pre-Tax YTW 4.54% 4.48% 4.30% 4.56%

Note that due to recalculation of the yield curve, the values for the components of the curve price are not directly comparable to the components previously reported; but, of course, each reported calculation is internally consistent.

This issue has been added to the PerpetualDiscount index – the current composition of this index has been uploaded.