Spend-every-penny announced today that the proper manner to fight imminent recession is to cut government spending, end the right to strike for civil servants and eliminate the pension problem by eliminating the rules.
After thirteen straight trading days of losses, eight of which were over 1%, and cumulatively a stunning crash of 19.53% … the Americans stayed home to eat turkey … and the PerpetualDiscount market went up!
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. The Fixed-Reset index was added effective 2008-9-5 at that day’s closing value of 1,119.4 for the Fixed-Floater index. |
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Index | Mean Current Yield (at bid) | Mean YTW | Mean Average Trading Value | Mean Mod Dur (YTW) | Issues | Day’s Perf. | Index Value |
Ratchet | N/A | N/A | N/A | N/A | 0 | N/A | N/A |
Fixed-Floater | 6.81% | 7.17% | 75,012 | 13.47 | 6 | -0.6039% | 771.8 |
Floater | 10.59% | 10.92% | 58,778 | 8.74 | 2 | -13.5665% | 334.0 |
Op. Retract | 5.51% | 6.82% | 137,532 | 4.17 | 15 | +0.3483% | 979.3 |
Split-Share | 7.71% | 16.43% | 69,267 | 3.68 | 12 | -0.3225% | 802.2 |
Interest Bearing | 9.33% | 19.86% | 59,862 | 2.94 | 3 | -0.6884% | 782.5 |
Perpetual-Premium | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Perpetual-Discount | 8.32% | 8.44% | 187,123 | 10.99 | 71 | +2.2778% | 662.5 |
Fixed-Reset | 6.10% | 5.73% | 1,077,888 | 14.07 | 12 | -0.4512% | 974.8 |
Major Price Changes | |||
Issue | Index | Change | Notes |
BAM.PR.K | Floater | -15.1282% | |
BAM.PR.B | Floater | -12.0000% | |
FFN.PR.A | SplitShare | -6.1873% | Asset coverage of 1.4+:1 as of November 14 according to the company. Now with a pre-tax bid-YTW of 17.47% based on a bid of 5.61 and a hardMaturity 2014-12-1 at 10.00. Closing quote of 5.60-69, 291×2. Day’s range of 5.50-98. |
BNA.PR.A | SplitShare | -6.0052% | Asset coverage of 1.7+:1 as of today, based on BAM.A at 18.11 and 2.4 BAM.A shares per BNA unit. Now with a pre-tax bid-YTW of 26.55% based on a bid of 18.00 and a hardMaturity 2010-9-30 at 25.00. Closing quote of 18.00-50, 10×12. Day’s range of 18.85-15. |
BCE.PR.R | FixFloat | -5.7648% | |
BNA.PR.B | SplitShare | -5.4886% | See BNA.PR.A, above. Now with a pre-tax bid-YTW of 15.01% based on a bid of 14.12 and a hardMaturity 2016-3-25 at 25.00. Closing quote of 14.12-16.47 (!), 5×2. Day’s range of 13.06-15.20 (!). |
W.PR.J | PerpetualDiscount | +5.0286% | Now with a pre-tax bid-YTW of 9.08% based on a bid of 15.76 and a limitMaturity. Closing quote 15.76-89, 4×1. Day’s range of 14.51-15.99. |
FBS.PR.B | SplitShare | +5.2679% | Asset coverage of 1.1-:1 as of November 20 according to TD Securities. Now with a pre-tax bid-YTW of 16.62% based on a bid of 7.25 and a hardMaturity 2011-12-15 at 10.00. Closing quote of 7.25-49, 49×46. Day’s range of 7.11-49. |
PWF.PR.F | PerpetualDiscount | +5.3571% | Now with a pre-tax bid-YTW of 9.06% based on a bid of 14.75 and a limitMaturity. Closing quote 14.75-40, 9×3. Day’s range of 14.60-49. |
NA.PR.L | PerpetualDiscount | +5.3725% | Now with a pre-tax bid-YTW of 8.35% based on a bid of 14.71 and a limitMaturity. Closing quote 14.71-48, 4×5. Day’s range of 13.96-70. |
IAG.PR.A | PerpetualDiscount | +5.4936% | Now with a pre-tax bid-YTW of 8.70% based on a bid of 13.25 and a limitMaturity. Closing quote 13.25-40, 18×12. Day’s range of 12.56-40. |
CM.PR.G | PerpetualDiscount | +6.0362% | Now with a pre-tax bid-YTW of 8.70% based on a bid of 15.81 and a limitMaturity. Closing quote 15.81-94, 3X2. Day’s range of 15.03-94. |
RY.PR.A | PerpetualDiscount | +7.00% | Now with a pre-tax bid-YTW of 7.49% based on a bid of 14.99 and a limitMaturity. Closing quote 14.99-00, 2×8. Day’s range of 14.50-00. |
GWO.PR.I | PerpetualDiscount | +7.1249% | Now with a pre-tax bid-YTW of 8.31% based on a bid of 13.57 and a limitMaturity. Closing quote 13.57-10, 2×5. Day’s range of 13.37-20. |
POW.PR.A | PerpetualDiscount | +7.5299% | Now with a pre-tax bid-YTW of 9.37% based on a bid of 15.28 and a limitMaturity. Closing quote 15.28-75, 10×6. Day’s range of 15.55-85. |
GWO.PR.G | PerpetualDiscount | +7.9170% | Now with a pre-tax bid-YTW of 8.68% based on a bid of 15.01 and a limitMaturity. Closing quote 15.01-12, 1×4. Day’s range of 14.21-15.40. |
POW.PR.B | PerpetualDiscount | +12.2807% | Now with a pre-tax bid-YTW of 8.54% based on a bid of 16.00 and a limitMaturity. Closing quote 16.00-95, 7×2. Day’s range of 14.46-15.80. |
Volume Highlights | |||
Issue | Index | Volume | Notes |
GWO.PR.J | FixedReset | 358,750 | Eight blocks totalling 182,100 shares. New Issue settled today. |
TD.PR.N | OpRet | 103,250 | CIBC crossed 100,000 at 25.25. Now with a pre-tax bid-YTW of 4.48% based on a bid of 25.25 and a softMaturity 2014-1-30 at 25.00. |
WFS.PR.A | SplitShare | 128,900 | Desjardins crossed 100,000 at 8.00. Asset coverage of 1.1+:1 as of November 20 according to Mulvihill. Now with a pre-tax bid-YTW of 16.40% based on a bid of 7.83 and a hardMaturity 2011-6-30 at 10.00. |
BNS.PR.N | PerpetualDiscount | 51,543 | Now with a pre-tax bid-YTW of 8.37% based on a bid of 15.94 and a limitMaturity. |
CM.PR.H | PerpetualDiscount | 38,582 | Now with a pre-tax bid-YTW of 8.87% based on a bid of 13.78 and a limitMaturity. |
There were fifty-three other index-included $25-pv-equivalent issues trading over 10,000 shares today.
PWF.PR.M Closes with Greenshoe!
November 28th, 2008Power Financial has announced:
The greenshoe noted in the initial announcement was therefore 50% subscribed.
Sadly for the buyers, however, the issue is trading more as a perpetual than a retractible. closing at 23.83-98, 10×19, after trading 125,030 shares in a range of 23.75-20. The yield until the limitMaturity is 6.18%, while the yield to the first call is 7.13%.
The issue has been added to the FixedReset Index.
I have uploaded an evaluation of the FixedReset subIndex.
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