Archive for November, 2009

« Older Entries
Newer Entries »

November 24, 2009

Tuesday, November 24th, 2009

A good solid day for preferred shares with both PerpetualDiscounts and FixedResets gaining 10bp on moderate volume.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.5059 % 1,507.7
FixedFloater 6.08 % 4.19 % 42,183 18.56 1 -0.4449 % 2,564.4
Floater 2.59 % 3.02 % 89,956 19.62 3 0.5059 % 1,883.6
OpRet 4.81 % -5.94 % 121,126 0.09 14 0.0273 % 2,306.4
SplitShare 6.35 % -3.04 % 325,499 0.08 2 0.0000 % 2,115.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0273 % 2,109.0
Perpetual-Premium 5.88 % 5.54 % 124,458 2.40 4 0.0000 % 1,870.9
Perpetual-Discount 5.83 % 5.88 % 184,808 14.04 70 0.1039 % 1,780.9
FixedReset 5.45 % 3.91 % 392,325 3.94 41 0.1035 % 2,142.0
Performance Highlights
Issue Index Change Notes
SLF.PR.C Perpetual-Discount -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 5.87 %
MFC.PR.B Perpetual-Discount -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 6.00 %
PWF.PR.G Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 24.64
Evaluated at bid price : 24.85
Bid-YTW : 6.00 %
RY.PR.Y FixedReset -1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-12-24
Maturity Price : 25.00
Evaluated at bid price : 27.42
Bid-YTW : 4.03 %
SLF.PR.F FixedReset -1.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-07-30
Maturity Price : 25.00
Evaluated at bid price : 26.95
Bid-YTW : 4.05 %
HSB.PR.C Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 22.35
Evaluated at bid price : 22.51
Bid-YTW : 5.76 %
ELF.PR.F Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.72 %
CM.PR.P Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 22.59
Evaluated at bid price : 23.26
Bid-YTW : 5.95 %
PWF.PR.F Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 22.14
Evaluated at bid price : 22.54
Bid-YTW : 5.87 %
PWF.PR.K Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.L FixedReset 217,805 Nesbitt crossed 150,000 at 27.72; RBC crossed 50,000 at the same price.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-30
Maturity Price : 25.00
Evaluated at bid price : 27.72
Bid-YTW : 4.00 %
HSB.PR.E FixedReset 56,703 Nesbitt crossed 50,000 at 28.00.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-07-30
Maturity Price : 25.00
Evaluated at bid price : 28.05
Bid-YTW : 4.02 %
RY.PR.X FixedReset 56,061 Desjardins crossed blocks of 11,700 and 15,000 shares, both at 27.60.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-09-23
Maturity Price : 25.00
Evaluated at bid price : 27.55
Bid-YTW : 3.97 %
ELF.PR.G Perpetual-Discount 45,253 Scotia crossed 30,000 at 17.70.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.82 %
TD.PR.O Perpetual-Discount 39,457 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.70 %
BMO.PR.J Perpetual-Discount 36,759 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-24
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.58 %
There were 34 other index-included issues trading in excess of 10,000 shares.

Posted in Market Action | No Comments »

Monetary Policy and Housing Bubbles

Tuesday, November 24th, 2009

The Bank of Canada has released a Working Paper by Hajime Tomura titled Optimal Monetary Policy during
Endogenous Housing-Market Boom-Bust Cycles:

This paper uses a small-open economy model for the Canadian economy to examine the optimal Taylor-type monetary policy rule that stabilizes output and inflation in an environment where endogenous boom-bust cycles in house prices can occur. The model shows that boom-bust cycles in house prices emerge when credit-constrained mortgage borrowers expect that future house prices will rise and this expectation is neither shared by savers nor realized ex-post. These boom-bust cycles replicate the stylized features of housing-market boom-bust cycles in industrialized countries. In an environment where mortgage borrowers are occasionally over-optimistic, the central bank should be less responsive to inflation, more responsive to output, and slower to adjust the nominal policy interest rate. This optimal monetary policy rule dampens endogenous boom-bust cycles in house prices, but prolongs inflation target horizons due to weak policy reactions to inflation fluctuations after fundamental shocks.

As summarized in Section 2, cross-country data for industrialized countries indicate that the nominal policy interest rate and the CPI inflation rate have tended to decline during housing booms and rise after the peaks of housing booms. The model explains this observation as follows. When borrowers expect that future house prices will rise, they increase housing investments, which causes a housing boom. Since borrowers are credit-constrained, they work more to finance their housing investments during the boom. At the same time, when savers do not share the optimistic expectations of borrowers, they instead expect the boom to be temporary and increase savings for a future recession. The increases in labour supply and savings reduce real wages and the real interest rate, respectively. Given sticky prices, a resulting fall in the marginal cost of production lowers the inflation rate, and, in response to this, the central bank cuts the policy rate. When the optimistic expectations of borrowers are not realized ex-post, a housing bust occurs, and savings and labour supply decline. As a consequence, the inflation rate rises, inducing a monetary policy tightening.

Since borrowers are credit-constrained, they work more to finance their housing investments during the boom. sounds a little backwards to me. I would say that “Credit constrained borrowers can work more during the boom, which allows them to finance increased housing investments”. I don’t find the rest of the rationale very convincing, frankly.

The problem of the interplay between monetary policy and housing bubbles has been discussed on PrefBlog before; e.g. Taylor Rules and the Credit Crunch Cause, with David Pappell warning

The Fed should respond to inflation, not inflation forecasts, especially in an environment where large negative output gaps are causing forecasted inflation to fall.

… a conclusion supported by the KC Fed paper discussed in KC Fed: Monetary Policy Amidst Deflationary Pressures. The problem was also discussed on Econbrowser in the post The Taylor Rule and the Housing Boom, which discusses the paper Dr. Taylor presented at the 2007 Jackson Hole conference, Housing and Monetary Policy

It strikes me that the Taylor Rule’s greatest strength, simplicity, is also its greatest weakness. Policy failure can result from misestimation of either of the two input variables. For policy purposes, it might be worthwhile to see how well other estimations that measure approximately the same thing can be added into the mix so that, for instance, inflation could be estimated not just by the CPI, but also with raw housing prices; the output gap supplemented by raw unemployment figures, and so on. Hell, I use 23 valuation parameters to assess the value of a preferred share, each of them taking a slightly different look at the problem.

Posted in Interesting External Papers | No Comments »

November 23, 2009

Monday, November 23rd, 2009

Themis Trading has published another “mini white paper” by Sal L. Arnuk and Joseph Saluzzi, Why Institutional Investors Should Be Concerned About High Frequency Traders. Their second so-called “problem” is actually a highly desirable feature:

2. HFT volume can generate false trading signals.

This can cause other investors to buy at a higher price, or sell at a lower price, than they would otherwise. A spike in HFT volume can cause an institutional algorithm order based on a percentage of volume to be too aggressive. A spike can attract momentum investors, further exaggerating price moves. Seeing such a spike, options traders can start to build positions, which, in turn, can attract risk arbitrage traders who believe there’s potential news that could affect the stock.

As a fundamental, value based investor, I say “Super!”. The more that securities are moved off their fundamental value, the more opportunities I will have to take advantage of the difference and make some money for my clients.

From a policy perspective, the underperformance of morons – who pretend sophisitication due to their use of algorithms, a four-syllable word, or who are attracted by momentum, or who care to bet that there’s news coming, implicitly accepting and trading on the efforts of insider traders – will assist their exit from the workforce. Which is a Good Thing, to the extent that underperformance has an actual effect on employment prospects.

Today’s 2-Year Treasury auction set two records:

Treasuries remained lower after the government sold a record-tying $44 billion of two-year debt at the lowest yield ever, the first of three note sales this week totaling a record $118 billion.

The securities drew a yield of 0.802 percent, compared to the forecast of 0.786 percent in a Bloomberg News survey of eight of the Federal Reserve’s 18 primary dealers and below the 0.922 percent drawn at an auction in December. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 3.16, compared to 3.63 at the previous auction. The average at the last 10 auctions was 2.92.

HSBC Canada is calling some sub-debt:

HSBC Bank Canada today announced its intention to redeem all $100,000,000 of its 4.39% subordinated debentures due 21 January 2015 (the “Debentures”). In accordance with their terms, the Debentures will be redeemed at 100% of their principal amount plus accrued interest to the redemption date. The redemption will occur on 21 January 2010 and will be financed out of the general corporate funds of HSBC Bank Canada.

These debs are described as:

The interest rate is fixed at 4.39 per cent until January 2010 and thereafter the rate reprices at the 90 day average bankers’ acceptance
rate plus 1.00 per cent.

The market edged up a little today – PerpetualDiscounts up 9bp and FixedResets down 2bp – on slighly lower volume.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.8506 % 1,500.1
FixedFloater 6.05 % 4.16 % 41,630 18.59 1 -2.8108 % 2,575.9
Floater 2.60 % 3.04 % 90,413 19.57 3 -0.8506 % 1,874.1
OpRet 4.81 % -4.28 % 119,128 0.09 14 -0.0736 % 2,305.8
SplitShare 6.35 % -3.26 % 330,025 0.08 2 0.2635 % 2,115.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0736 % 2,108.4
Perpetual-Premium 5.88 % 5.54 % 125,290 2.40 4 0.1884 % 1,870.9
Perpetual-Discount 5.84 % 5.88 % 185,165 14.04 70 0.0918 % 1,779.1
FixedReset 5.46 % 3.90 % 391,330 3.94 41 -0.0238 % 2,139.8
Performance Highlights
Issue Index Change Notes
BAM.PR.G FixedFloater -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 25.00
Evaluated at bid price : 17.98
Bid-YTW : 4.16 %
CM.PR.P Perpetual-Discount -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 22.41
Evaluated at bid price : 22.96
Bid-YTW : 6.03 %
TRI.PR.B Floater -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 19.41
Evaluated at bid price : 19.41
Bid-YTW : 2.04 %
TD.PR.S FixedReset -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2013-08-30
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 3.87 %
CU.PR.B Perpetual-Premium 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2012-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.57 %
PWF.PR.G Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2011-08-16
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.80 %
MFC.PR.C Perpetual-Discount 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 5.85 %
SLF.PR.C Perpetual-Discount 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 5.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.D FixedReset 213,718 Nesbitt crossed 200,000 at 27.70.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-07-19
Maturity Price : 25.00
Evaluated at bid price : 27.60
Bid-YTW : 4.07 %
TD.PR.G FixedReset 51,115 RBC crossed 30,000 at 27.60.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-30
Maturity Price : 25.00
Evaluated at bid price : 27.66
Bid-YTW : 3.82 %
GWO.PR.X OpRet 42,979 Dundee crossed 34,500 at 26.15.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2010-10-30
Maturity Price : 25.67
Evaluated at bid price : 26.17
Bid-YTW : 3.32 %
PWF.PR.D OpRet 41,100 Nesbitt crossed 30,000 at 26.40; RBC crossed 10,600 at the same price.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2009-12-23
Maturity Price : 25.60
Evaluated at bid price : 26.37
Bid-YTW : -25.38 %
BMO.PR.J Perpetual-Discount 33,801 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.59 %
BAM.PR.N Perpetual-Discount 32,092 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-23
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.92 %
There were 28 other index-included issues trading in excess of 10,000 shares.

free video bonus slot machines flash; Free Spins No Deposit Casino Forums free casino cash
free chips no deposit no down load Free Online No Download Casino Monopoly casino download free play casinos 599.
google freeslots Instant No Deposit Casino Codes freevideocasinogames!
play free online games Free Casino Slot Machines us no deposite casinos;
free texas tea slot machine Sa Online Casinos cleopatra online slot?
casino slots free play, Cool Cat Deposit Bonus $10 minimum deposit casino
“little green men slot machine” No Download Casino Bonuses free casino
virtual casinobonus codes Online Casinos No Minimum Deposit “virtualcasino”
best usa online casino coupons New Rgt Casinos “free slots no registration”
casino free chip codes Search One Hour Free Play Casinos With No Deposites newest online casinos;
real vegas casinio coupon codes No Download Free Slots no deposit bonus for us players
free play casino games; Club Player Casino Free Money Coupon Code cool cat deposit bonus
free printable las vegas casino coupons Free Slot Machines canadian on line casinos
free igt slots Superslots Casino Promo Coupon play free igt slots
online casinos no deposit codes Slot Machines For Sale free slots casino downloads
slot games Nodepositslots Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Real Casino Games free bonus codes online casino
casino slots free play, Ny Casino Games no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Slot Nuts Casino 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Play Texas Tea Online For Free free no download roulette games
usa friendly casinos online with no deposit bonus, Casino Onehour Freeplay free spins no deposit casino forums
newest no deposit slot bonuses Casino Slots Games No Signup No Downloads cirrus casino no deposit bonus codes
no deposit required casino lists Free Slot Machines For Fun slots of fun
sportsbook no deposit bonus Free Stampede Slot Machines new no deposit casino bonus codes,
no deposit casino usa Game For Free No Down Loading new no deposit rtg casino codes
texas tea slots for free, Google Free Live Casino free download casino games for mac
club player no deposit bonus codes! Free Online Casino Slots instant no deposit casino codes
brand new casinos online? Online Slots Coupons free hour play for usa members
casinos online with no deposits; Free Bonus Code With All Slots Casino $10 dollar minimum deposit online casino
free slotmachines Las Vegas Coupons free online cherry slot games
freecasinoslots Casino Give Free Money slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Casino Slots For Fun free casino cash
free chips no deposit no down load New On Line Casinos With Free No Deposits Monopoly casino download free play casinos 599.
google freeslots Brand New No Deposit Casino freevideocasinogames!
play free online games Free Casino Money No Deposit Usa us no deposite casinos;
free texas tea slot machine Google Casino Free Slots Games cleopatra online slot?
casino slots free play, Casinos That Accept Paypal $10 minimum deposit casino
“little green men slot machine” Casino Download Free Money No free casino
virtual casinobonus codes Free Practice Casinos “virtualcasino”
best usa online casino coupons Easy Street Slots “free slots no registration”
casino free chip codes Party City Codes newest online casinos;
real vegas casinio coupon codes Free Cleopatra Slot Game no deposit bonus for us players
free play casino games; Slot Free cool cat deposit bonus
free printable las vegas casino coupons Casino Slots For Fun canadian on line casinos
free igt slots Free Slots An Poker No Loading play free igt slots
online casinos no deposit codes Free And No Downloads Casino Sites free slots casino downloads
slot games Slots Free Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free No Pat Required Slots free bonus codes online casino
casino slots free play, Minimum Deposit 10 Dollars Poker no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Betroyal Casino 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Play Casino Games free no download roulette games
usa friendly casinos online with no deposit bonus, No Deposit Casino Promo Codes free spins no deposit casino forums
newest no deposit slot bonuses Cirrus Casino Coupon Code cirrus casino no deposit bonus codes
no deposit required casino lists Brand New Casinos Online slots of fun
sportsbook no deposit bonus Free Casino Slots No Download new no deposit casino bonus codes,
no deposit casino usa Free Fishing Slot Machine Games new no deposit rtg casino codes
texas tea slots for free, Online Casinos Accepting Us Players free download casino games for mac
club player no deposit bonus codes! New Cool Cat Casino Bonus Codes instant no deposit casino codes
brand new casinos online? Redeem Coupon Casino free hour play for usa members
casinos online with no deposits; No Deposit Gambling Forums $10 dollar minimum deposit online casino
free slotmachines Free No Sign Up Bonus free online cherry slot games
freecasinoslots 7sultans No Deposit Bonus Code slot of vegas no deposit codes
search one hour free play casinos with no deposites, On Line Usa Casino No Dep Bonuses free casino cash
free chips no deposit no down load Nodepositcasinos Us Allowed Monopoly casino download free play casinos 599.
google freeslots Usa Online Casino No Deposit Bonus freevideocasinogames!
play free online games Free Casino Games No Download us no deposite casinos;
free texas tea slot machine Free Slots cleopatra online slot?
casino slots free play, Online Multiplayer Flash Games $10 minimum deposit casino
“little green men slot machine” Newest Online Casinos free casino
virtual casinobonus codes Betroyal Free No Deposit Couponcodes “virtualcasino”
best usa online casino coupons Free Hour Play For Usa Members “free slots no registration”
casino free chip codes Free Gambling Slots newest online casinos;
real vegas casinio coupon codes Free Hoyle Casino Download no deposit bonus for us players
free play casino games; Wild Vegas Casino Bonus Code cool cat deposit bonus
free printable las vegas casino coupons New No Deposit Casino Bonus Codes canadian on line casinos
free igt slots Free Slots Online No Download play free igt slots
online casinos no deposit codes Golden Casino Play For Fun free slots casino downloads
slot games Free Online Casino Games For Fun Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Play Free Cleopatra Slots Online free bonus codes online casino
casino slots free play, No Deposit Slot Plus no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. 10 Minimum Deposit Casinos 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money No Deposit Online Casino Codes free no download roulette games
usa friendly casinos online with no deposit bonus, Free Chip Code free spins no deposit casino forums
newest no deposit slot bonuses Stampede Slot Machine cirrus casino no deposit bonus codes
no deposit required casino lists Casinos With Free Money And No Deposit slots of fun
sportsbook no deposit bonus Instant Play Free Fun Slots No Download new no deposit casino bonus codes,
no deposit casino usa Bonus Slot Machine Play For Free new no deposit rtg casino codes
texas tea slots for free, Brand New Casinos No Deposit Bonus free download casino games for mac
club player no deposit bonus codes! Casino Games To Play Free On Line No Downloading instant no deposit casino codes
brand new casinos online? Brand New No Deposit Casinos With Bonus Code free hour play for usa members
casinos online with no deposits; Casino New Bonus $10 dollar minimum deposit online casino
free slotmachines Slots Of Fun free online cherry slot games
freecasinoslots Texas Tea Slot Game slot of vegas no deposit codes
search one hour free play casinos with no deposites, No Deposit Free Play Casino free casino cash
free chips no deposit no down load No Deposit Bonus Us Players Monopoly casino download free play casinos 599.
google freeslots Cool Cat Casino Coupon Codes freevideocasinogames!
play free online games Free Online Slots us no deposite casinos;
free texas tea slot machine No Sign No Download Free Slots cleopatra online slot?
casino slots free play, Free Slot Games Cleopatra $10 minimum deposit casino
“little green men slot machine” Search Freeslots free casino
virtual casinobonus codes Free No Download No Registration Slots “virtualcasino”
best usa online casino coupons Texas Tea Free Slots “free slots no registration”
casino free chip codes Free No Download Slots To Play newest online casinos;
real vegas casinio coupon codes Free Video Slots no deposit bonus for us players
free play casino games; Free Chips Us Casinos cool cat deposit bonus
free printable las vegas casino coupons Play Free Online Slot Machines canadian on line casinos
free igt slots Real Vegas Online Casino No Deposit Bonus Codes play free igt slots
online casinos no deposit codes Free Slot Tournaments free slots casino downloads
slot games Cirruscasino No Deposit Coupon Code Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Online Slots No Download free bonus codes online casino
casino slots free play, Free Demo Free Slots Games no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. No Deposit Or Download Casinos 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Money Casino Codes free no download roulette games
usa friendly casinos online with no deposit bonus, Online Flash Casino free spins no deposit casino forums
newest no deposit slot bonuses Club Player Casino No Deposit Bonuses cirrus casino no deposit bonus codes
no deposit required casino lists United States Online Casinos slots of fun
sportsbook no deposit bonus Freeslots With No Download new no deposit casino bonus codes,
no deposit casino usa Play Free Slot Machines new no deposit rtg casino codes
texas tea slots for free, Top Best No Deposit Casino free download casino games for mac
club player no deposit bonus codes! Free Online Casino No Deposite Bonuses instant no deposit casino codes
brand new casinos online? Play Free Slots For Fun Only free hour play for usa members
casinos online with no deposits; Play Top Dollar Machine Online $10 dollar minimum deposit online casino
free slotmachines Play Slots For Free No Money free online cherry slot games
freecasinoslots No Deposit Poker Bonus slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Slots Wheel Of Fortune free casino cash
free chips no deposit no down load Free Games Online Monopoly casino download free play casinos 599.
google freeslots Las Vegas Gambling Coupons freevideocasinogames!
play free online games Slot Of Vegas No Deposit Codes us no deposite casinos;
free texas tea slot machine New Casinos With New Slots cleopatra online slot?
casino slots free play, Cherry Master Casino $10 minimum deposit casino
“little green men slot machine” Coolcat Casino Codes free casino
virtual casinobonus codes Soaring Eagle Casino Games “virtualcasino”
best usa online casino coupons All Casinos In United States No Deposit Free Spins “free slots no registration”
casino free chip codes Superslots Flash Casino newest online casinos;
real vegas casinio coupon codes Spin Casino no deposit bonus for us players
free play casino games; No Deposit Free Play Casinos cool cat deposit bonus
free printable las vegas casino coupons Free Texas Tea Slots canadian on line casinos
free igt slots Play Free Cherry Master play free igt slots
online casinos no deposit codes List Of Free Online Rtg Casinos Online free slots casino downloads
slot games Free Slots No Deposit Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Texas Tea Slots free bonus codes online casino
casino slots free play, Club Player No Deposit Bonus Codes no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Online Slot Machine 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Wittenberg Casino free no download roulette games
usa friendly casinos online with no deposit bonus, Wild Vegas Casino Coupon Codes free spins no deposit casino forums

Posted in Market Action | No Comments »

"Fixed Income & Preferred Shares" Video Seminar Now On-Line!

Sunday, November 22nd, 2009

I am pleased to announce that the Seminar on Fixed Income & Preferred Shares is now on-line and available for purchase of access via PrefLetter.com.

Access to this video is priced at an introductory rate: free to PrefLetter subscribers with an active year’s subscription, $25 to non-subscribers.

newest no deposit slot bonuses Play Frog Prince Free Slots cirrus casino no deposit bonus codes
no deposit required casino lists Casino No Deposit Sing Up Bonus slots of fun
sportsbook no deposit bonus Free Spin Bonus Casinos new no deposit casino bonus codes,
no deposit casino usa Free Money Casino Coupons new no deposit rtg casino codes
texas tea slots for free, No Download Free Slots For Fun free download casino games for mac
club player no deposit bonus codes! Monopoly The Game Download instant no deposit casino codes
brand new casinos online? Slot Bonus Code For Wild Vegas Casino free hour play for usa members
casinos online with no deposits; Usa Online Casinos $10 dollar minimum deposit online casino
free slotmachines New Casino Slot Games With No Downloads free online cherry slot games
freecasinoslots Free No Download Casino Games slot of vegas no deposit codes
search one hour free play casinos with no deposites, Casino No Deposit Sign On Bonus free casino cash
free chips no deposit no down load Free Online Slot Machine Games Monopoly casino download free play casinos 599.
google freeslots Free Slots No Download No Registrtion freevideocasinogames!
play free online games Igt Slot Games On Line us no deposite casinos;
free texas tea slot machine New Free Chip Bonus Codes cleopatra online slot?
casino slots free play, Freeplaycasinos $10 minimum deposit casino
“little green men slot machine” Coupon Redeem Casino Cirrus free casino
virtual casinobonus codes Newest No Deposit Required Casinos “virtualcasino”
best usa online casino coupons Free Casino Slots For Fun No Download “free slots no registration”
casino free chip codes Casinos Coupon Codes newest online casinos;
real vegas casinio coupon codes Free No Download Slot Machines no deposit bonus for us players
free play casino games; Canadian On Line Casinos cool cat deposit bonus
free printable las vegas casino coupons Slot Machine Games canadian on line casinos
free igt slots Money To Burn Slots play free igt slots
online casinos no deposit codes Free Slots Cleopatra free slots casino downloads
slot games Best Us Players Casinos No Deposit Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Cleopatra Online Slot free bonus codes online casino
casino slots free play, Las Vegas Free Slot Play no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Casino No Deposit Sign Up Bonus 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Freecleopatraslots free no download roulette games
usa friendly casinos online with no deposit bonus, Betroyal Casino Online free spins no deposit casino forums
newest no deposit slot bonuses No Deposit Casino Bonus cirrus casino no deposit bonus codes
no deposit required casino lists Free No Download Texas Tea Game Online slots of fun
sportsbook no deposit bonus No Deposit Free Money Casinos Online new no deposit casino bonus codes,
no deposit casino usa No Deposit Bonus Codes new no deposit rtg casino codes
texas tea slots for free, Virtualcasino free download casino games for mac
club player no deposit bonus codes! Casino Free Slots instant no deposit casino codes
brand new casinos online? Casino On Line 10 Dollar Deposit To Play Real Money Casino free hour play for usa members
casinos online with no deposits; Free No Deposit Casinos Coupon Codes $10 dollar minimum deposit online casino
free slotmachines Craps Free Play No Download free online cherry slot games
freecasinoslots Casino Slot Machine slot of vegas no deposit codes
search one hour free play casinos with no deposites, Play Top Dollar Slot Machine Online free casino cash
free chips no deposit no down load Free Cherry Master Slot Games Monopoly casino download free play casinos 599.
google freeslots No Deposit Bonus For Us Players freevideocasinogames!
play free online games No Down Load Free Slot Games us no deposite casinos;
free texas tea slot machine Free Us Casinos cleopatra online slot?
casino slots free play, Play For Fun And Free Instant Casino Slots $10 minimum deposit casino
“little green men slot machine” Redem Coupon Casino Bonus No Purchase free casino
virtual casinobonus codes Online Free Games “virtualcasino”
best usa online casino coupons Club Player Casino Bonus Code “free slots no registration”
casino free chip codes Free Slots Download newest online casinos;
real vegas casinio coupon codes Usa Casinos Free Slots Online no deposit bonus for us players
free play casino games; Free Online Cleopatra Slot Machine cool cat deposit bonus
free printable las vegas casino coupons No Deposit Bonuses For Us Players canadian on line casinos
free igt slots Free Slots With Bonus play free igt slots
online casinos no deposit codes Newest Free Nodeposit Codes free slots casino downloads
slot games Free No Deposit Usa Casinos Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Slot Machine Game free bonus codes online casino
casino slots free play, Free Texas Tea Slots To Play no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Play Online Casino No Deposit Sign Up Bonus Us Players Welcome 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Casino Slots free no download roulette games
usa friendly casinos online with no deposit bonus, Play Free Online Casino Slot Games free spins no deposit casino forums
newest no deposit slot bonuses Monopoly Casino Download cirrus casino no deposit bonus codes
no deposit required casino lists New Onlin Casinosa With Nodeposit Bonuses slots of fun
sportsbook no deposit bonus Newest Casino Codes new no deposit casino bonus codes,
no deposit casino usa Best Online Casino Free Money new no deposit rtg casino codes
texas tea slots for free, Slot Machine Free Game Trial free download casino games for mac
club player no deposit bonus codes! No Deposit Free Money Casinos Listings instant no deposit casino codes
brand new casinos online? Free Casino Games Online Mgm free hour play for usa members
casinos online with no deposits; Best Usa Online Casino Coupons $10 dollar minimum deposit online casino
free slotmachines Las Vegas Usa No Deposit Bonus Codes free online cherry slot games
freecasinoslots Free Slots For Fun No Download slot of vegas no deposit codes
search one hour free play casinos with no deposites, Players Vegas No Line Com No Down Load free casino cash
free chips no deposit no down load Free Money No Deposit Slots Monopoly casino download free play casinos 599.
google freeslots Little Green Men Slot Machine freevideocasinogames!
play free online games Olinecasino us no deposite casinos;
free texas tea slot machine Play Frog Prince Online For Free cleopatra online slot?
casino slots free play, Coolcat No Deposit Casino Coupons Codes $10 minimum deposit casino
“little green men slot machine” Casino Games Free Slots No Registration free casino
virtual casinobonus codes Bonus No Deposite Casino “virtualcasino”
best usa online casino coupons Casino No Deposit Free Signup Bonus “free slots no registration”
casino free chip codes Free No Register Slots newest online casinos;
real vegas casinio coupon codes Slotmachinesusa no deposit bonus for us players
free play casino games; Cool Cat No Deposit Codes cool cat deposit bonus
free printable las vegas casino coupons Flash Casino No Deposit Bonus canadian on line casinos
free igt slots No Deposit 1 Hour Freeplay Casinos play free igt slots
online casinos no deposit codes Free Money Coupon Code Casino free slots casino downloads
slot games Online Gambling Free Promo Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Rtg Casinos With Free Play free bonus codes online casino
casino slots free play, Freeslotmachines no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free On Line Double Diamond Slot Play 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Las Vegas Slots free no download roulette games
usa friendly casinos online with no deposit bonus, Playtech Casino No Deposit free spins no deposit casino forums
newest no deposit slot bonuses Soaring Eagle Casino Promotions cirrus casino no deposit bonus codes
no deposit required casino lists Best Usa No Deposit Required Casinos slots of fun
sportsbook no deposit bonus Slots Machines Free Games new no deposit casino bonus codes,
no deposit casino usa Free Online Casino Tournaments new no deposit rtg casino codes
texas tea slots for free, List Of All Online Casinos No Deposit free download casino games for mac
club player no deposit bonus codes! Coupon Code For Free Cash At Online Casino instant no deposit casino codes
brand new casinos online? Cleopatra Free Games free hour play for usa members
casinos online with no deposits; Play Texas Tea Slots Online Free $10 dollar minimum deposit online casino
free slotmachines New Online Casino No Deposit Bonus Codes free online cherry slot games
freecasinoslots Casino Slots Play For Free slot of vegas no deposit codes
search one hour free play casinos with no deposites, Bet Royal Casino No Deposit Codes free casino cash
free chips no deposit no down load Free Spin Usa Casinos Monopoly casino download free play casinos 599.
google freeslots Free Usa Casino Tournaments freevideocasinogames!
play free online games Vegas No Download Free Slots us no deposite casinos;
free texas tea slot machine Brand New Online Casinos cleopatra online slot?
casino slots free play, Free Casino Sign Up Bonus No Deposit Usa Welcome $10 minimum deposit casino
“little green men slot machine” Casinocodes free casino
virtual casinobonus codes No Deposit Required Line Casinos “virtualcasino”
best usa online casino coupons Free Online Casino Texas “free slots no registration”
casino free chip codes Nodepositcasinos newest online casinos;
real vegas casinio coupon codes Little Green Men no deposit bonus for us players
free play casino games; Free Little Green Men Slots cool cat deposit bonus
free printable las vegas casino coupons Newest Casino Slots Free canadian on line casinos
free igt slots Free 1 Hour No Deposit Free Spin Casinos On Line play free igt slots
online casinos no deposit codes Play Free Diamond Slots free slots casino downloads
slot games Free Slot Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Usa Slots With Free Play free bonus codes online casino
casino slots free play, Free Slots No Download no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Slot Cleopatra 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money New Cirrus Casino Codes free no download roulette games
usa friendly casinos online with no deposit bonus, Free No Deposit Casino free spins no deposit casino forums
newest no deposit slot bonuses Freegames Nodownload cirrus casino no deposit bonus codes
no deposit required casino lists No Deposit Needed Casino United States slots of fun
sportsbook no deposit bonus No Deposit Casino Usa new no deposit casino bonus codes,
no deposit casino usa Party City Casino No Deposit Bonus new no deposit rtg casino codes
texas tea slots for free, New Online Casinos No Deposit free download casino games for mac
club player no deposit bonus codes! Casino Free Play Codes instant no deposit casino codes
brand new casinos online? Slot Machines Free free hour play for usa members
casinos online with no deposits; Texas Tea Free Slot Machine $10 dollar minimum deposit online casino
free slotmachines Casinofreedeposit free online cherry slot games
freecasinoslots New Rtg Casino Bonus Codes slot of vegas no deposit codes
search one hour free play casinos with no deposites, Slots No Registering Or Download free casino cash
free chips no deposit no down load No Deposit Codes Monopoly casino download free play casinos 599.
google freeslots Free No Deposit Casinos freevideocasinogames!
play free online games Free Online Slot Game The Frog Prince us no deposite casinos;
free texas tea slot machine Free No Registration No Download Slots cleopatra online slot?
casino slots free play, Microgaming Casino With Sign Up Bonus $10 minimum deposit casino
“little green men slot machine” Real Casino Slots Free free casino
virtual casinobonus codes Free Coupons With Out Down Loading “virtualcasino”
best usa online casino coupons No Deposit 1 Hour Free Casinos “free slots no registration”
casino free chip codes Free Casino Promotion Codes newest online casinos;
real vegas casinio coupon codes Flash Casino Bonus Us Players Accepted no deposit bonus for us players

Posted in Seminars | No Comments »

November 20, 2009

Friday, November 20th, 2009

Another nice day for Canadian Preferreds, with PerpetualDiscounts gaining 30bp while FixedResets were up 24bp, on moderate volume.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.7250 % 1,513.0
FixedFloater 5.88 % 4.01 % 41,842 18.80 1 1.3699 % 2,650.4
Floater 2.58 % 3.01 % 93,780 19.65 3 0.7250 % 1,890.2
OpRet 4.80 % -6.65 % 120,645 0.09 14 0.0710 % 2,307.5
SplitShare 6.37 % -2.57 % 332,820 0.08 2 -0.0658 % 2,109.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0710 % 2,110.0
Perpetual-Premium 5.89 % 3.51 % 126,418 0.19 4 0.1987 % 1,867.4
Perpetual-Discount 5.84 % 5.92 % 182,633 14.03 70 0.2966 % 1,777.5
FixedReset 5.46 % 3.90 % 387,829 3.94 41 0.2397 % 2,140.3
Performance Highlights
Issue Index Change Notes
IAG.PR.E Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 24.31
Evaluated at bid price : 24.51
Bid-YTW : 6.20 %
RY.PR.W Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 22.20
Evaluated at bid price : 22.35
Bid-YTW : 5.51 %
IAG.PR.A Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 6.05 %
BNS.PR.K Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.63 %
TRI.PR.B Floater 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 2.01 %
BAM.PR.G FixedFloater 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 25.00
Evaluated at bid price : 18.50
Bid-YTW : 4.01 %
POW.PR.C Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 23.80
Evaluated at bid price : 24.16
Bid-YTW : 6.07 %
RY.PR.D Perpetual-Discount 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.57 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.T FixedReset 136,230 RBC crossed blocks of 76,000 and 52,800, both at 27.85.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-25
Maturity Price : 25.00
Evaluated at bid price : 27.80
Bid-YTW : 3.68 %
CM.PR.P Perpetual-Discount 103,910 RBC crossed 59,000 at 23.35; TD crossed 41,600 at the same price.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-20
Maturity Price : 22.61
Evaluated at bid price : 23.30
Bid-YTW : 5.93 %
BNS.PR.X FixedReset 80,680 RBC crossed 76,000 at 27.95.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-25
Maturity Price : 25.00
Evaluated at bid price : 27.75
Bid-YTW : 3.74 %
HSB.PR.E FixedReset 77,110 RBC bought 13,400 from HSBC at 27.85.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-07-30
Maturity Price : 25.00
Evaluated at bid price : 27.92
Bid-YTW : 4.13 %
TD.PR.G FixedReset 52,230 RBC crossed blocks of 19,500 and 20,000, both at 27.57.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-30
Maturity Price : 25.00
Evaluated at bid price : 27.60
Bid-YTW : 3.87 %
GWO.PR.E OpRet 40,449 Anonymous bought blocks of 10,700 and 13,500 from National and HSBC, respectively, both at 25.85.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2010-04-30
Maturity Price : 25.25
Evaluated at bid price : 25.71
Bid-YTW : 2.03 %
There were 36 other index-included issues trading in excess of 10,000 shares.

free play casino games; Code Bonus Casino Rtg cool cat deposit bonus
free printable las vegas casino coupons Casinos Slotmachine canadian on line casinos
free igt slots Usa Casinos Accepting Minimum 10 Deposit play free igt slots
online casinos no deposit codes Free Casino Games free slots casino downloads
slot games Free Cash Online Casinos Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Top Slots free bonus codes online casino
casino slots free play, Codes For Party City Online Casino no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Slot Games 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Ben Slots free no download roulette games
usa friendly casinos online with no deposit bonus, Slots Nuts Casino free spins no deposit casino forums
newest no deposit slot bonuses Real Vegas Slot Machines Free No Downloads cirrus casino no deposit bonus codes
no deposit required casino lists Cirrus Casino Coupon Code No Deposit slots of fun
sportsbook no deposit bonus New No Deposit Casino new no deposit casino bonus codes,
no deposit casino usa New Usa Player Online Casino new no deposit rtg casino codes
texas tea slots for free, Clubplayer Casino Codes free download casino games for mac
club player no deposit bonus codes! Brand New New No Deposit Casinos instant no deposit casino codes
brand new casinos online? Free Slot Casino Games Australia free hour play for usa members
casinos online with no deposits; Casinofreecash $10 dollar minimum deposit online casino
free slotmachines Casino Codes free online cherry slot games
freecasinoslots Cirrus Casino Free Money Code slot of vegas no deposit codes
search one hour free play casinos with no deposites, Video Slots Casino free casino cash
free chips no deposit no down load No Deposit Casino Bonus Codes For One Club Casino Monopoly casino download free play casinos 599.
google freeslots Free Casino Code Listings freevideocasinogames!
play free online games Rtg Free Play Casino us no deposite casinos;
free texas tea slot machine 100 Free Chips Casino No Deposit cleopatra online slot?
casino slots free play, Free Clopatras Slots Games $10 minimum deposit casino
“little green men slot machine” Off The Charts Bonus Slot Game free casino
virtual casinobonus codes Usa No Deposit Free Money Flash Casinos “virtualcasino”
best usa online casino coupons Best Usa No Deposit Required Instant Casinos “free slots no registration”
casino free chip codes Wild Vegas Casino Free Chip Code newest online casinos;
real vegas casinio coupon codes Slot Machine Arrest In Texas no deposit bonus for us players
free play casino games; Bonus Casino Coupon Code cool cat deposit bonus
free printable las vegas casino coupons Play Free Slot Machines Online canadian on line casinos
free igt slots Free Spins No Deposit Casinos play free igt slots
online casinos no deposit codes Free 10 Casino free slots casino downloads
slot games Free Frog Prince Slots Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Money Sign Up Casinos free bonus codes online casino
casino slots free play, Free Casino Chips No Deposit For Us Players no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Slots No Downloads 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money New Online Casinos No Deposit Accepting Us Players free no download roulette games
usa friendly casinos online with no deposit bonus, Free Little Green Men Slot Machine free spins no deposit casino forums
newest no deposit slot bonuses No Deposit Casino Bonuses cirrus casino no deposit bonus codes
no deposit required casino lists Real Vegas Casinio Coupon Codes slots of fun
sportsbook no deposit bonus Free Casino Slot Games new no deposit casino bonus codes,
no deposit casino usa Free Online Bonus Slot Machines new no deposit rtg casino codes
texas tea slots for free, Slots Machines Gratis free download casino games for mac
club player no deposit bonus codes! Free No Download Roulette Games instant no deposit casino codes
brand new casinos online? Real Vegas Casino Codes free hour play for usa members
casinos online with no deposits; Freecash Casino Codes $10 dollar minimum deposit online casino
free slotmachines 1 Hour Free Play Casinos free online cherry slot games
freecasinoslots Usa Player Free No Deposit Money slot of vegas no deposit codes
search one hour free play casinos with no deposites, All Monopoly Casino Games free casino cash
free chips no deposit no down load Latest No Deposit Codes Monopoly casino download free play casinos 599.
google freeslots Online Casino Minimum Deposit freevideocasinogames!
play free online games Little Green Men Free Slots us no deposite casinos;
free texas tea slot machine No Deposit Casinos cleopatra online slot?
casino slots free play, Free Casino Play No Download $10 minimum deposit casino
“little green men slot machine” Bonus Codes For Coolcat Casino free casino
virtual casinobonus codes Free No Download Casino “virtualcasino”
best usa online casino coupons Free Double Diamond Slots “free slots no registration”
casino free chip codes Allfree Casinos Nodeposit newest online casinos;
real vegas casinio coupon codes How Do I Get Free Money No Deposit To Play In A Casino no deposit bonus for us players
free play casino games; Brand New No Deposit Bonus Casinos cool cat deposit bonus
free printable las vegas casino coupons Latest Rtg No Deposit Codes canadian on line casinos
free igt slots Platinumplay Bonus Code play free igt slots
online casinos no deposit codes Free Casino free slots casino downloads
slot games Hoyley Casino 2009 Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Las Vegas Casino Free free bonus codes online casino
casino slots free play, Online 10 Casino Deposits no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Brand New No Deposit Casino Coupons 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money No Deposit Rtg Casinos free no download roulette games
usa friendly casinos online with no deposit bonus, Las Vegas Online Casino free spins no deposit casino forums
newest no deposit slot bonuses Sign On Bonus Casinos cirrus casino no deposit bonus codes
no deposit required casino lists Free Slots No Download No Registration slots of fun
sportsbook no deposit bonus Newest Online Casino Cupon Codes new no deposit casino bonus codes,
no deposit casino usa Play Free Casino Slot Machine new no deposit rtg casino codes
texas tea slots for free, No Deposit Slots free download casino games for mac
club player no deposit bonus codes! Free Nd Casino Codes Forum instant no deposit casino codes
brand new casinos online? Top 10 Casino In Canada free hour play for usa members
casinos online with no deposits; Harrahs Casino Free Slots Games $10 dollar minimum deposit online casino
free slotmachines Free Play Indian Dreaming Slot free online cherry slot games
freecasinoslots Play Igt Slots slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Spin Casino free casino cash
free chips no deposit no down load Free No Deposit Casino Bonuses Monopoly casino download free play casinos 599.
google freeslots Free Online Casino Money freevideocasinogames!
play free online games Cirrus Casino Codes us no deposite casinos;
free texas tea slot machine Coolcat Casino No Deposit Codes cleopatra online slot?
casino slots free play, New No Deposit Bonus Code Casinos $10 minimum deposit casino
“little green men slot machine” Free Online Slot Games With No Download free casino
virtual casinobonus codes Casino Games Free “virtualcasino”
best usa online casino coupons Free Roulette “free slots no registration”
casino free chip codes Newest Free Us Online Casinos newest online casinos;
real vegas casinio coupon codes No Deposit Bonus Blog no deposit bonus for us players
free play casino games; Freeslotgames cool cat deposit bonus
free printable las vegas casino coupons No Deposit Free Cash Casinos canadian on line casinos
free igt slots Free Igt Casino Slots play free igt slots
online casinos no deposit codes Online Casino United States free slots casino downloads
slot games Atlantic City Casino Free Money Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Newest No Deposit Slot Bonuses free bonus codes online casino
casino slots free play, Free Slot Game Nodown no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Online Casino Free Money Promotions 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Virtual Casino Game free no download roulette games
usa friendly casinos online with no deposit bonus, Free Casino Games No Downloads free spins no deposit casino forums
newest no deposit slot bonuses Best Canadian Online Casinos cirrus casino no deposit bonus codes
no deposit required casino lists Games Online Free slots of fun
sportsbook no deposit bonus Free Spin No Deposit Online Casinos new no deposit casino bonus codes,
no deposit casino usa Play Free Slots Machines Online new no deposit rtg casino codes
texas tea slots for free, Free No Download Slots For Fun free download casino games for mac
club player no deposit bonus codes! Free Usa Casino Money No Deposit instant no deposit casino codes
brand new casinos online? Slot Games free hour play for usa members
casinos online with no deposits; Newest No Deposit Casinos $10 dollar minimum deposit online casino
free slotmachines Play Sun And Moon Free free online cherry slot games
freecasinoslots Play Free Cleopatra Slots Online No Download slot of vegas no deposit codes
search one hour free play casinos with no deposites, Casino Free free casino cash
free chips no deposit no down load Mgm Casino Free Slots Monopoly casino download free play casinos 599.
google freeslots Super Slots Flash Casino No Deposit Bonus freevideocasinogames!
play free online games Play Cleopatra Slot For Free us no deposite casinos;
free texas tea slot machine Usa Friendly Casinos Online With No Deposit Bonus cleopatra online slot?
casino slots free play, Free Casino Chips No Deposit $10 minimum deposit casino
“little green men slot machine” Free Casino Clip Art free casino
virtual casinobonus codes Casino Gratis “virtualcasino”
best usa online casino coupons 20 Dollars Deposit Casino “free slots no registration”
casino free chip codes Free Hour Casinos newest online casinos;
real vegas casinio coupon codes Casino Free Chip no deposit bonus for us players
free play casino games; Casino With No Deposit cool cat deposit bonus
free printable las vegas casino coupons Coolcatcasino canadian on line casinos
free igt slots Where Do I Find Monopoly Casino Slots Online play free igt slots
online casinos no deposit codes Wild Vegas No Deposit Coupon Codes free slots casino downloads
slot games Slot Machine Clip Art Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Coolcat Casino Bonus Codes free bonus codes online casino
casino slots free play, Flash Casinos On Line No Down Load Free Play no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Casino Bonuses For Us Players No Deposit 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Cleopatra Free Online Slots free no download roulette games
usa friendly casinos online with no deposit bonus, Royale Casino Online Free Games free spins no deposit casino forums
newest no deposit slot bonuses Google Online Slot Machines cirrus casino no deposit bonus codes
no deposit required casino lists Vegas Casinos Games slots of fun
sportsbook no deposit bonus No Deposit Casino Codes new no deposit casino bonus codes,
no deposit casino usa List All Us No Deposit Bonuses new no deposit rtg casino codes
texas tea slots for free, Codes Pour Casino Free Chips free download casino games for mac
club player no deposit bonus codes! Free Casino Real Cash instant no deposit casino codes
brand new casinos online? Free Signup Casino free hour play for usa members
casinos online with no deposits; Casino Free No Deposit Coupon Codes $10 dollar minimum deposit online casino
free slotmachines Free Online Casino Chips free online cherry slot games
freecasinoslots Party City Casino slot of vegas no deposit codes
search one hour free play casinos with no deposites, Casinofreegames free casino cash

Posted in Market Action | No Comments »

RPB.PR.A to Vote on Early Dissolution

Friday, November 20th, 2009

ROC Pref III Corp. has announced:

ROC Pref III Corp. announces that its board of directors has approved a proposal to change the redemption date of the Preferred Shares from March 23, 2012 to December 22, 2009 (the “Proposal”). As a result of the Proposal, Shareholders will have their Preferred Shares redeemed by the Company on such date and will be paid the net asset value redemption price per Preferred Share as of December 18, 2009 plus a redemption premium of $1.00 per Preferred Share. The credit linked note portfolio to which the Company has exposure has suffered several defaults over the past year and if one or more occur in the time remaining to maturity. Shareholders risk losing all or a substantial portion of their investment. The Company’s Investment Advisor believes there are a number of reference companies in the credit linked note portfolio that are at a significant risk of default prior to the maturity of the credit linked note. Accordingly, the Company’s board of directors, Manager and Investment Advisor believe it is in the best interests of the Shareholders to crystalize and preserve the remaining value of the Preferred Shares for Shareholders. In this regard, following recently completed negotiations the issuer of the credit linked note has agreed to repurchase the note on December 18, 2009 to facilitate this outcome. The Proposal will involve the amendment of the Company’s articles of incorporation and will be subject to receipt of all necessary shareholder and regulatory approvals.

A special meeting of holders of Preferred Shares has been called and will be held on December 17, 2009 to consider and vote upon the Proposal. Details of the Proposal will be outlined in an information circular to be sent to shareholders in connection with the special meeting. Copies of the information circular will be available on www.sedar.com and www.cclcapitalmarkets.com.

The estimated NAV of the fund is 3.57 as of November 16.

They’re selling a structured note with high downside risk … I’ll bet they’re getting a good price!

RPB.PR.A was last mentioned on PrefBlog when they announced a potential restructuring and the CIT Credit event. RPB.PR.A is not tracked by HIMIPref™.free chips no deposit no down load Free Slotmachines Monopoly casino download free play casinos 599.
google freeslots Play For Free No Download Slots freevideocasinogames!
play free online games Casino Coupons Las Vegas us no deposite casinos;
free texas tea slot machine Freevideocasinogames cleopatra online slot?
casino slots free play, Play Real Casino Slots Free $10 minimum deposit casino
“little green men slot machine” Freeplay Online Slots free casino
virtual casinobonus codes Cherry Casino Slots “virtualcasino”
best usa online casino coupons No Deposit Slots Us Players Welcome “free slots no registration”
casino free chip codes New No Deposit Codes For Casino 2009 newest online casinos;
real vegas casinio coupon codes Us Player Casino Slots Bonus Codes no deposit bonus for us players
free play casino games; Casino Coupon Codes cool cat deposit bonus
free printable las vegas casino coupons Free Slot Machine Game canadian on line casinos
free igt slots Play Free Slots No Download play free igt slots
online casinos no deposit codes Sun And Moon Slot Machine free slots casino downloads
slot games Free Download Casino Games For Mac Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Slot Games For Fun free bonus codes online casino
casino slots free play, Coupons For Slots Of Vegas no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Us Palyers Casino No Deposit 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money No Deposit Casinos Blog free no download roulette games
usa friendly casinos online with no deposit bonus, Casinos With 1 Hour Free Play free spins no deposit casino forums
newest no deposit slot bonuses New Rtg Bonus Codes cirrus casino no deposit bonus codes
no deposit required casino lists Download Milk Money Slot Game slots of fun
sportsbook no deposit bonus Oline Casino Double Diamond new no deposit casino bonus codes,
no deposit casino usa Real Vegas Online Bonus Codes new no deposit rtg casino codes
texas tea slots for free, Free Slots Online No Download No Registration free download casino games for mac
club player no deposit bonus codes! Money To Burn Slot Machine instant no deposit casino codes
brand new casinos online? No Deposit Casino Bonus For Usa Players free hour play for usa members
casinos online with no deposits; Free Slots With No Download $10 dollar minimum deposit online casino
free slotmachines Printable Free Las Vegas Coupons free online cherry slot games
freecasinoslots No Deposit Casinos Us Players slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Slots With No Downloading free casino cash
free chips no deposit no down load Freeonlineslots.com Monopoly casino download free play casinos 599.
google freeslots Free Slot Machines With No Downloads freevideocasinogames!
play free online games Windsor Casino Coupons us no deposite casinos;
free texas tea slot machine New Usa Accepted No Deposit Required Bonus Casinos cleopatra online slot?
casino slots free play, Las Vegas Casino Security Jobs $10 minimum deposit casino
“little green men slot machine” Slots Of Vegas Rtg Codes free casino
virtual casinobonus codes No Deposit Us Casinos “virtualcasino”
best usa online casino coupons Flash Casino Games Slots For Fun “free slots no registration”
casino free chip codes Newest No Deposit Bonus Codes newest online casinos;
real vegas casinio coupon codes Monopoly Slots no deposit bonus for us players
free play casino games; Free No Download Slots cool cat deposit bonus
free printable las vegas casino coupons Play Slot Machines Free No Downloads canadian on line casinos
free igt slots Free Money Codes For Online Casinos play free igt slots
online casinos no deposit codes Casino Morongo Online Play free slots casino downloads
slot games Freecasinomoney Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Freemoneycasinos free bonus codes online casino
casino slots free play, Google Free Online Slot Games no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Casino Coupons Codes 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Hoyle Casino free no download roulette games
usa friendly casinos online with no deposit bonus, Casinos To Play For Real Money free spins no deposit casino forums
newest no deposit slot bonuses Casinos One Hour Free Play cirrus casino no deposit bonus codes
no deposit required casino lists Free Online Slots With Bonus Rounds slots of fun
sportsbook no deposit bonus Coupon Codes Slots Vegas No Deposit new no deposit casino bonus codes,
no deposit casino usa Coupon Codes For Casino new no deposit rtg casino codes
texas tea slots for free, Online Games To Play For Free free download casino games for mac
club player no deposit bonus codes! Casino No Deposit Codes instant no deposit casino codes
brand new casinos online? Brand New No Deposit Casinos free hour play for usa members
casinos online with no deposits; No Deposit Casino Us Players $10 dollar minimum deposit online casino
free slotmachines Party City Casino Bonus free online cherry slot games
freecasinoslots New Rtg No Deposit Codes slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Game Downloads free casino cash
free chips no deposit no down load Play Free Videoslots Casinos Monopoly casino download free play casinos 599.
google freeslots No Deposit Casino Coupon Codes freevideocasinogames!
play free online games Us No Deposit Casino Money us no deposite casinos;
free texas tea slot machine Slots Of Vegas Casino Coupon Codes cleopatra online slot?
casino slots free play, New No Deposit Casino Codes For Rtg Casinos $10 minimum deposit casino
“little green men slot machine” Free Slots Casino Downloads free casino
virtual casinobonus codes Casino Clip Art “virtualcasino”
best usa online casino coupons Free Chips Casino “free slots no registration”
casino free chip codes Online Free Casino Machine newest online casinos;
real vegas casinio coupon codes Free Online Casino Cash no deposit bonus for us players
free play casino games; Hoyle Casino cool cat deposit bonus
free printable las vegas casino coupons Legal Usa Casinos Online canadian on line casinos
free igt slots Casino Slot Nuts play free igt slots
online casinos no deposit codes Slots Of Vegas Bonus Codes Usa No Deposit free slots casino downloads
slot games Hoyle Casino Slots Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Cash Casino free bonus codes online casino
casino slots free play, Free Bonus No Deposit Casinos no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Riverbelle Slots No Download 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Little Green Men Slots Free Download free no download roulette games
usa friendly casinos online with no deposit bonus, Free Easy Street Slot Machine free spins no deposit casino forums
newest no deposit slot bonuses Lasvegas Usa Casino Coupon Codes cirrus casino no deposit bonus codes
no deposit required casino lists Usa Casino No Deposit Free Play slots of fun
sportsbook no deposit bonus Free Slots No Download And No Signup new no deposit casino bonus codes,
no deposit casino usa Cherri Slot Free new no deposit rtg casino codes
texas tea slots for free, Free Play Casino Only free download casino games for mac
club player no deposit bonus codes! Free Slot Play Without Downloading instant no deposit casino codes
brand new casinos online? Free On Line Slots free hour play for usa members
casinos online with no deposits; Casino No Deposit 2009 $10 dollar minimum deposit online casino
free slotmachines Free Casino Money With No Downloads free online cherry slot games
freecasinoslots Play Free Online Games slot of vegas no deposit codes
search one hour free play casinos with no deposites, Slot Machines Free Play free casino cash
free chips no deposit no down load Download Free Casino Slot Games Monopoly casino download free play casinos 599.
google freeslots Play Free Igt Slots freevideocasinogames!
play free online games Free Spins No Deposit Usa us no deposite casinos;
free texas tea slot machine Wild Vegas Promo Codes cleopatra online slot?
casino slots free play, Free Casino Bonus Codes $10 minimum deposit casino
“little green men slot machine” Free Online Slot Machine Stampede free casino
virtual casinobonus codes Casino Cupon No Deposite Sign Up “virtualcasino”
best usa online casino coupons Coolcat Casino Coupon Codes “free slots no registration”
casino free chip codes New Rtg Casino newest online casinos;
real vegas casinio coupon codes No Deposit Required Casino Lists no deposit bonus for us players
free play casino games; 10 Minimum Deposit Casino cool cat deposit bonus
free printable las vegas casino coupons Newest Online Casinos For Us Players canadian on line casinos
free igt slots Slots Little Green Men play free igt slots
online casinos no deposit codes Real Vegas Online Fun Only free slots casino downloads
slot games Little Green Man Slot Machine Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Little Green Men.com free bonus codes online casino
casino slots free play, Free Slot Games No Download no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Online Texas Tea Slots 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Online Slot free no download roulette games
usa friendly casinos online with no deposit bonus, Play Free Double Diamond Slots free spins no deposit casino forums
newest no deposit slot bonuses Free 10 Dollars Slot cirrus casino no deposit bonus codes
no deposit required casino lists Canadian Casino slots of fun
sportsbook no deposit bonus Club Player Casino No Deposit Codes new no deposit casino bonus codes,
no deposit casino usa No Deposit Usa Casino new no deposit rtg casino codes
texas tea slots for free, Microgaming Casino 10 Minimum Deposit free download casino games for mac
club player no deposit bonus codes! Best Online Casino Promotions instant no deposit casino codes
brand new casinos online? The Newest Usa Casino Sites With Free Bonuses free hour play for usa members
casinos online with no deposits; Free Flash Casinos Slots $10 dollar minimum deposit online casino
free slotmachines You Tube Casino Free Slots Machines free online cherry slot games
freecasinoslots Freeslots Casino slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Play Texas Tea Slots free casino cash
free chips no deposit no down load Microgaming Minimum Deposit Monopoly casino download free play casinos 599.
google freeslots All Usa Free No Deposit Casino Bonus Codes freevideocasinogames!
play free online games Milk Money Slot Machine us no deposite casinos;
free texas tea slot machine Play Free Slots Online No Download cleopatra online slot?
casino slots free play, Cirrus Casino No Deposit Codes $10 minimum deposit casino
“little green men slot machine” Games Gambling On Line Slot Machine free casino
virtual casinobonus codes United States Free Bonus No Deposit Slots “virtualcasino”
best usa online casino coupons Igt Slots “free slots no registration”
casino free chip codes Free Online Slot Machines newest online casinos;
real vegas casinio coupon codes Offline Slot Machines no deposit bonus for us players
free play casino games; Casino Bonus Codes cool cat deposit bonus
free printable las vegas casino coupons Free Slot Machine Games canadian on line casinos
free igt slots The Munsters Slot Machine play free igt slots
online casinos no deposit codes Free Printable Las Vegas Casino Coupons free slots casino downloads
slot games Free Keno No Download Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. All Us No Deposit Casinos free bonus codes online casino
casino slots free play, Free Money Casinos No Deposit no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Cleopatra Slots 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Texas Tea Slot Game Free free no download roulette games
usa friendly casinos online with no deposit bonus, Free Online Cherry Master free spins no deposit casino forums
newest no deposit slot bonuses Free Slots On Line cirrus casino no deposit bonus codes

Posted in Issue Comments | 1 Comment »

RPQ.PR.A to Vote on Dissolution

Friday, November 20th, 2009

Connor, Clark & Lunn ROC Pref Corp. has announced:

that its board of directors has approved a proposal to change the redemption date of the Preferred Shares from June 30, 2011 to December 22, 2009 (the “Proposal”). As a result of the Proposal, Shareholders will have their Preferred Shares redeemed by the Company on such date and will be paid the net asset value per Preferred Share as of December 18, 2009. The credit linked note portfolio to which the Company has exposure has suffered several defaults over the past year and if three or more occur in the time remaining to maturity Shareholders risk losing all or a substantial portion of their investment. The Company’s Investment Advisor believes there are a number of reference companies in the credit linked note portfolio that are at a significant risk of default prior to the maturity of the credit linked note. Accordingly, the Company’s board of directors, Manager and Investment Advisor believe it is in the best interests of the Shareholders to crystalize and preserve the remaining value of the Preferred Shares for Shareholders. In this regard, following recently completed negotiations the issuer of the credit linked note has agreed to repurchase the note on December 18, 2009 to facilitate this outcome. The Proposal will involve the amendment of the Company’s articles of incorporation and will be subject to receipt of all necessary shareholder and regulatory approvals.

A special meeting of holders of Preferred Shares has been called and will be held on December 17, 2009 to consider and vote upon the Proposal. Details of the Proposal will be outlined in an information circular to be sent to shareholders in connection with the special meeting. Copies of the information circular will be available on www.sedar.com and www.cclcapitalmarkets.com.

The estimated NAV of the fund is 9.20 as of November 16.

Let’s see … it’s backed by a structured note, downside risk is enormous, and there’s a motivated seller … I bet they’ll get a good price for the credit linked note!

RPQ.PR.A was last mentioned on PrefBlog when the continued suspension of dividends was announced. RPQ.PR.A is not tracked by HIMIPref™.no deposit required casino lists Play Igt Slots Free slots of fun
sportsbook no deposit bonus Free Play Caisnob Rtg new no deposit casino bonus codes,
no deposit casino usa No Deposit Casinos Playtech new no deposit rtg casino codes
texas tea slots for free, Party City Casino No Deposit Bonus Codes free download casino games for mac
club player no deposit bonus codes! Slots No Download instant no deposit casino codes
brand new casinos online? Newest Casino No Deposit Bonuses free hour play for usa members
casinos online with no deposits; Coupon Codes For Online Casinos $10 dollar minimum deposit online casino
free slotmachines Free Slots No Registration free online cherry slot games
freecasinoslots Wheel Of Fortune With No Downloading And Play For Free slot of vegas no deposit codes
search one hour free play casinos with no deposites, Virtual Casino Code Bonus free casino cash
free chips no deposit no down load Fun Play Game Slots Machines Monopoly casino download free play casinos 599.
google freeslots Coupon Casino Chips Free freevideocasinogames!
play free online games Free Online Double Diamond Slot Games us no deposite casinos;
free texas tea slot machine Free Casino Com cleopatra online slot?
casino slots free play, Play Free Slot Machine Games $10 minimum deposit casino
“little green men slot machine” Free Cherry Master Download Game free casino
virtual casinobonus codes Freeplaycasino “virtualcasino”
best usa online casino coupons Slot Little Green Men “free slots no registration”
casino free chip codes This Is Vegas Casino Free Play Codes newest online casinos;
real vegas casinio coupon codes Usa Online Casino Bonus Codes no deposit bonus for us players
free play casino games; Slot Machine Lucky Layd cool cat deposit bonus
free printable las vegas casino coupons Playing Bonus Slots For Fun canadian on line casinos
free igt slots Free Practice Slots No Download play free igt slots
online casinos no deposit codes Real Vegas Online Casino free slots casino downloads
slot games New Casinos Online Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Coolcat Casino No Deposit Free Bonus free bonus codes online casino
casino slots free play, Free Slots Free Singup Bonus no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Freeslotsgames 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Best Free No Download Slot free no download roulette games
usa friendly casinos online with no deposit bonus, Free No Download Games free spins no deposit casino forums
newest no deposit slot bonuses Free Money No Deposit Casino Coupons cirrus casino no deposit bonus codes
no deposit required casino lists List Of All Free Slots slots of fun
sportsbook no deposit bonus Play Double Diamond Slots For Money new no deposit casino bonus codes,
no deposit casino usa Play Free Munster Slot Machine new no deposit rtg casino codes
texas tea slots for free, Free Slots For Fun free download casino games for mac
club player no deposit bonus codes! Casino Games Html Code instant no deposit casino codes
brand new casinos online? Free Casino No Deposit Codes free hour play for usa members
casinos online with no deposits; Wild Vegas Casino No Deposit Codes $10 dollar minimum deposit online casino
free slotmachines Playpoker Free free online cherry slot games
freecasinoslots All Nodeposit Free Play Casinos For Usa slot of vegas no deposit codes
search one hour free play casinos with no deposites, Codes Bonus Casinos Rtg free casino cash
free chips no deposit no down load Us Online Casinos No Deposit Monopoly casino download free play casinos 599.
google freeslots Us No Deposit Latest Casino Bonuses freevideocasinogames!
play free online games Free Money No Download Slots Casino Machine us no deposite casinos;
free texas tea slot machine Casino Free Play No Deposit Money cleopatra online slot?
casino slots free play, Play No Download Slots For Free $10 minimum deposit casino
“little green men slot machine” Best No Depoit Casino Bonuses free casino
virtual casinobonus codes Cirrus Casino “virtualcasino”
best usa online casino coupons Slot Machine Gratis “free slots no registration”
casino free chip codes Cool Cat Casino No Deposit Codes newest online casinos;
real vegas casinio coupon codes Wild Vegas No Deposit Bonus Codes no deposit bonus for us players
free play casino games; Play Free Casino cool cat deposit bonus
free printable las vegas casino coupons Casino Slots Free Play canadian on line casinos
free igt slots Casino In Africa play free igt slots
online casinos no deposit codes Free Slots Vegas free slots casino downloads
slot games Play Slots Free No Download Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Casino Chips No Deposit Required free bonus codes online casino
casino slots free play, No Deposit Bonus no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Casinos No Deposit Required 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Slot Free Machine Fun free no download roulette games
usa friendly casinos online with no deposit bonus, Free Rtg Codes free spins no deposit casino forums
newest no deposit slot bonuses Play In Casinos cirrus casino no deposit bonus codes
no deposit required casino lists Wild Vegas Casino Bonus Codes slots of fun
sportsbook no deposit bonus New No Deposit Free Play Casinos new no deposit casino bonus codes,
no deposit casino usa Casino Money No Deposits new no deposit rtg casino codes
texas tea slots for free, Vegas Strip Online Casino free download casino games for mac
club player no deposit bonus codes! Free Sign Up Bonuses No Deposit Or Download Required instant no deposit casino codes
brand new casinos online? Texas Tea Slots For Free free hour play for usa members
casinos online with no deposits; Online No Deposit Casino Bonus Codes Club Player $10 dollar minimum deposit online casino
free slotmachines Free Chips For Online Casinos free online cherry slot games
freecasinoslots No Deposit Online Casino Bonus slot of vegas no deposit codes
search one hour free play casinos with no deposites, No Deposit Casinos 2009 free casino cash
free chips no deposit no down load Casino No Deposit Bonus Codes Monopoly casino download free play casinos 599.
google freeslots Games Free freevideocasinogames!
play free online games Play No Deposit Casino Games Slots us no deposite casinos;
free texas tea slot machine Free No Deposit Bonus Codes For Coolcat Casino cleopatra online slot?
casino slots free play, Wild Vegas Casino No Deposit Coupon Codes $10 minimum deposit casino
“little green men slot machine” Sportsbook No Deposit Bonus free casino
virtual casinobonus codes Play Free Casino Card Game “virtualcasino”
best usa online casino coupons Frogprinceslot Game “free slots no registration”
casino free chip codes Bonus Codes For Vegas Strip Online Casino newest online casinos;
real vegas casinio coupon codes Free Slots No Registration No Download no deposit bonus for us players
free play casino games; No Deposit Casino Online cool cat deposit bonus
free printable las vegas casino coupons Free Down Casion Game canadian on line casinos
free igt slots Golden Palace Casino play free igt slots
online casinos no deposit codes Party City Casino No Deposit Codes free slots casino downloads
slot games Wild Vegas Casino No Deposit Code Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Online Slot Machine Games Without Downloading free bonus codes online casino
casino slots free play, New Casino No Deposit no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Free Online Cherry Master Slots 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Bonus Bear Slot free no download roulette games
usa friendly casinos online with no deposit bonus, Free New Slot Casino Games free spins no deposit casino forums
newest no deposit slot bonuses No Deposit Casino Bonus Codes cirrus casino no deposit bonus codes
no deposit required casino lists New Free No Deposit Casino Codes slots of fun
sportsbook no deposit bonus Play Free Slots Online new no deposit casino bonus codes,
no deposit casino usa 1 Hour Free Casinos new no deposit rtg casino codes
texas tea slots for free, Free Fun Games free download casino games for mac
club player no deposit bonus codes! Cirrus No Deposit Bonus Codes instant no deposit casino codes
brand new casinos online? New Online Casinos With No Deposit Bonuses free hour play for usa members
casinos online with no deposits; Real Vegas Online $10 dollar minimum deposit online casino
free slotmachines Online Casinos No Deposit Bonus free online cherry slot games
freecasinoslots Slot Casino slot of vegas no deposit codes
search one hour free play casinos with no deposites, No Deposit Bonus Casino free casino cash
free chips no deposit no down load Free Online Cherry Slot Games Monopoly casino download free play casinos 599.
google freeslots Casinos Gratis freevideocasinogames!
play free online games Free Slot Machine Com us no deposite casinos;
free texas tea slot machine Free Bonus Codes Online Casino cleopatra online slot?
casino slots free play, Cirrus Casino No Deposit Bonus Codes $10 minimum deposit casino
“little green men slot machine” Slots Of Vegas free casino
virtual casinobonus codes No Download Slot Machines “virtualcasino”
best usa online casino coupons Free Play Online Casino “free slots no registration”
casino free chip codes Free Slot Games For Fun newest online casinos;
real vegas casinio coupon codes Play Free Online Slots No Download no deposit bonus for us players
free play casino games; No Deposit Chip Codes cool cat deposit bonus
free printable las vegas casino coupons Casino With Nodeposit canadian on line casinos
free igt slots Us Free Slots No Deposits play free igt slots
online casinos no deposit codes Casino No Deposit free slots casino downloads
slot games No Deposit Bonus Slots Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Cleopatra Slot Machine free bonus codes online casino
casino slots free play, Free Casino Slot Fun Only no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. No Deposit Sportsbook 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money No Deposits Free Casino Slots No Download free no download roulette games
usa friendly casinos online with no deposit bonus, Casino Slots free spins no deposit casino forums
newest no deposit slot bonuses Casino Deal Or Not Deal cirrus casino no deposit bonus codes
no deposit required casino lists Top Free Slots slots of fun
sportsbook no deposit bonus Gambling Site In Uk new no deposit casino bonus codes,
no deposit casino usa Free Bomus Money Casinos new no deposit rtg casino codes
texas tea slots for free, Top Dollar Slot Machine free download casino games for mac
club player no deposit bonus codes! Usa No Deposit Casino instant no deposit casino codes
brand new casinos online? Free Download Slots Casino free hour play for usa members
casinos online with no deposits; Double Diamond Slots $10 dollar minimum deposit online casino
free slotmachines Freevideoslots free online cherry slot games
freecasinoslots Free On Line Casinos slot of vegas no deposit codes
search one hour free play casinos with no deposites, Casino Bonus No Deposit Americani free casino cash
free chips no deposit no down load Play Free Texas Tea Slot Machine Monopoly casino download free play casinos 599.
google freeslots Slotnut Casino freevideocasinogames!
play free online games Free Casino Slots Canada us no deposite casinos;
free texas tea slot machine Google Free Slot Machines cleopatra online slot?
casino slots free play, Free Online Slot Machines With Bonus Games $10 minimum deposit casino
“little green men slot machine” Casino No Line free casino
virtual casinobonus codes Free Bonus Slot No Download “virtualcasino”
best usa online casino coupons List New Us Online No Deposit Casinos “free slots no registration”
casino free chip codes New Codes For Casino Money newest online casinos;
real vegas casinio coupon codes Igt Slots Frog Prince no deposit bonus for us players
free play casino games; Cazino Games cool cat deposit bonus

Posted in Issue Comments | 1 Comment »

Canadian Bond Liquidity Premia

Thursday, November 19th, 2009

The Autumn 2009 Bank of Canada Review contained an article by Alejandro Garcia and Jun Yang titled Understanding Corporate Bond Spreads Using Credit Default Swaps that, frankly, has me rather puzzled.

They state:

We use credit default swaps to decompose the spreads on Canadian corporate bonds because, as discussed in the next section, their lower susceptibility to liquidity effects makes them a much purer measure of default risk.
…
CDS contracts are commonly used to extract proxies for default risk for several reasons. As contracts, not securities, CDSs are far less sensitive to liquidity effects, since securities are in fi xed supply, while the supply of CDSs can be arbitrarily large. Because of this reduced sensitivity, CDSs provide a better measure of default risk. As well, it is less costly for investors to liquidate CDSs prior to maturity than to liquidate a corporate bond, since investors simply enter into a swap contract in the opposite direction. Further, CDSs are not likely to become “special” like treasury bills, or “squeezed” like corporate bonds. In principle, therefore, CDSs should contain mainly default information about the reference entity. However, they are not totally immune to liquidity effects, since search costs may be high for illiquid CDS contracts.
…
In this model, investors demand a return for holding corporate bonds that includes the risk-free rate, the default risk of the issuer, and the liquidity premium associated with the security. Similarly, investors demand compensation for selling the CDS that includes the risk-free rate and the default risk associated with the reference entity (bond issuer). Note that, in the model, we assume that the bond yield includes compensation for liquidity and default risk, whereas the CDS includes compensation only for default risk.

They derive the following decomposition. It should be noted that their phrase “average investment grade firm” is a little general, since they only had data for six companies, all BBB:

My problem is that I don’t understand their methodology. It ignores arbitrage – which means that you cannot capture the liquidity component by buying the bond and buying protection – and it would appear to blow up when confronted with the problem of positive basis trades, which (as observed by Choudhry) are are most common; negative basis trades became more common during the Crunch due to funding risk. For example:

BMO Capital Markets: Negative Basis Trades:

We recently executed a number of negative basis trades for clients involving auto companies when bond spreads were trading significantly wider than the CDS cost of protection. Investors were typically able to earn net spreads in excess of 25 bps after hedging both their interest rate risk and credit risk. This net spread offered a very attractive return for the risk resulting from this combination of transactions, i.e. a better than senior bank debt spread for assuming credit risk exposure that is meaningfully lower than direct bank exposure since the investor only looks to the bank CDS counterparty if the bond issuer fails.

Negative basis opportunities arise from time to time, but tend not to last for very long – investors who are able to act quickly are the big beneficiaries. We are active in the market, highlighting negative basis trade ideas for interested investors.

I have sent a query to the authors and will update this post if I get an answer.

Update: The methodology’s seminal paper by Longstaff (better link) examines CDS & bond yield spreads for Enron, which occasionally went negative, particularly towards the end. He notes:

It is important to acknowledge that our empirical approach of using a bracketing set of bonds does not eliminate all measurement error. This may partially explain why some of the percentages shown in Figure 3 for the size of the default component (particularly for the cases in which the Treasury and Refcorp curves are used) are in excess of 100.

It strikes me that dismissing negative basis as measurement error is cheating.

Doubt has been cast on the methodology by the results of Mahanti, Nashikkary & Subrahmanyam

Recent research has shown that default risk accounts for only a part of the total yield spread on risky corporate bonds relative to their risk-less benchmarks. One candidate for the unexplained portion of the spread is a premium for liquidity. We investigate this possibility by relating the liquidity of corporate bonds, as measured by their ease of market access, to the basis between the credit default swap (CDS) price of the issuer and the par-equivalent corporate bond yield spread. The ease of access of a bond is measured using a recently developed measure called latent liquidity, which is defined as the weighted average turnover of funds holding the bond, where the weights are their fractional holdings of the bond. We find that bonds with higher latent liquidity are more expensive relative to their CDS contracts, after controlling for other realized measures of liquidity. Additionally, we document the positive effects of liquidity in the CDS market on the CDS-bond basis. We also find that several firm-level variables related to credit risk negatively affect the basis, indicating that the CDS price does not fully capture the credit risk of the bond. In a similar vein, we document that bond-level variables related to features of the contract that may be related to credit risk, such as the presence of covenants, have a negative impact on the CDS-bond basis. These findings are consistent with the presence of frictions in the arbitrage mechanism between the CDS and bond markets, due to the costs of shorting” bonds.

free printable las vegas casino coupons Cleopatra Slots Free canadian on line casinos
free igt slots New Usa Online Casinos play free igt slots
online casinos no deposit codes Free Vegas Slots free slots casino downloads
slot games Slot No Download Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Casino Bonus Codes For Wild Vegas free bonus codes online casino
casino slots free play, Play Online Casinos For Fun no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Slot Frog Prince Online 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Rtg Casino Coupon Codes free no download roulette games
usa friendly casinos online with no deposit bonus, Free Casino Slots No Downloading free spins no deposit casino forums
newest no deposit slot bonuses Free No Deposit Casinos Top 100 cirrus casino no deposit bonus codes
no deposit required casino lists Free Monolopy Slots Online With No Downloads slots of fun
sportsbook no deposit bonus Free Fun Slots No Download new no deposit casino bonus codes,
no deposit casino usa Free No Deposit Casino Codes new no deposit rtg casino codes
texas tea slots for free, Play Free Slot Machine free download casino games for mac
club player no deposit bonus codes! Google Free Slots instant no deposit casino codes
brand new casinos online? Freeslotscasinos free hour play for usa members
casinos online with no deposits; Cirrus Casino Code No Deposit $10 dollar minimum deposit online casino
free slotmachines New Bonus Online Casino No Deposit free online cherry slot games
freecasinoslots Megga Bingo Slot Machines slot of vegas no deposit codes
search one hour free play casinos with no deposites, New Nodepositcasinos free casino cash
free chips no deposit no down load Virtval Casino Monopoly casino download free play casinos 599.
google freeslots Texas Tea Slot Machine freevideocasinogames!
play free online games Cleopatra Free Casino Slots Games us no deposite casinos;
free texas tea slot machine Casinos With Free Or Fun Slots No Download No Registration cleopatra online slot?
casino slots free play, 10 Dollar Deposit Casinos $10 minimum deposit casino
“little green men slot machine” Wild Vegas No Deposit free casino
virtual casinobonus codes Party City Casino Promo Codes “virtualcasino”
best usa online casino coupons Free Chip Virtual Casino “free slots no registration”
casino free chip codes Casino Royal newest online casinos;
real vegas casinio coupon codes Free Casino Super Slots no deposit bonus for us players
free play casino games; Us Casino No Deposit Only cool cat deposit bonus
free printable las vegas casino coupons Free Real Slots No Downloads canadian on line casinos
free igt slots No Deposit Bonus Playtech Casinos play free igt slots
online casinos no deposit codes No Download No Deposit Casino free slots casino downloads
slot games Play For Free Online Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. New No Deposit Slots For Usa Players free bonus codes online casino
casino slots free play, Free Texas Tea Slot Machine no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Hollywoodcasino Free Slots 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Slot For Free free no download roulette games
usa friendly casinos online with no deposit bonus, Freecasinogame free spins no deposit casino forums
newest no deposit slot bonuses Freeonlinecasinogames cirrus casino no deposit bonus codes
no deposit required casino lists Free And Safe Online Casino Games slots of fun
sportsbook no deposit bonus Bet Royal Casino Codes new no deposit casino bonus codes,
no deposit casino usa Free Bonus Slot Games new no deposit rtg casino codes
texas tea slots for free, Google Freeslots free download casino games for mac
club player no deposit bonus codes! Sun Moon Slots instant no deposit casino codes
brand new casinos online? No Deposit And Casino free hour play for usa members
casinos online with no deposits; Casino Free Chip Codes $10 dollar minimum deposit online casino
free slotmachines No Deposit Casino Blog free online cherry slot games
freecasinoslots Slots Of Vegas Bonus Codes slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Hoyle Casino Games free casino cash
free chips no deposit no down load Club Player Casino Codes Monopoly casino download free play casinos 599.
google freeslots Free Slots An Poker Games No Loading freevideocasinogames!
play free online games Casino Games us no deposite casinos;
free texas tea slot machine Free No Deposit Casinos For Usa Players cleopatra online slot?
casino slots free play, Online Free Slot Machine Wheel Of Fortune $10 minimum deposit casino
“little green men slot machine” Online Slots No Deposit Bonus For All Rtg free casino
virtual casinobonus codes Online Rtg Casino Free Code “virtualcasino”
best usa online casino coupons Free Double Diamond Slot Games “free slots no registration”
casino free chip codes Las Vegas Slot Machines Free Play newest online casinos;
real vegas casinio coupon codes Free Double Diamond Game no deposit bonus for us players
free play casino games; Msn Free Casino Video Slots cool cat deposit bonus
free printable las vegas casino coupons Free Chips No Deposit No Down Load canadian on line casinos
free igt slots Usa No Deposit Bomus Cainos play free igt slots
online casinos no deposit codes Free Usa Slots free slots casino downloads
slot games New Casinos With Free Cash No Deposit Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Play Free Casinos Igt free bonus codes online casino
casino slots free play, Soaring Eagle Casino Free Games no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Bonus Codes For Cirrus Casino 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Pull No Deposit Casino Tournaments free no download roulette games
usa friendly casinos online with no deposit bonus, Free Casino Slots Games free spins no deposit casino forums
newest no deposit slot bonuses Online Vegas Bonus Code Paypal cirrus casino no deposit bonus codes
no deposit required casino lists Slots Of Vegas Coupon Codes slots of fun
sportsbook no deposit bonus Free Gambling At Cherry Casino new no deposit casino bonus codes,
no deposit casino usa Igt Slot Games Downloads new no deposit rtg casino codes
texas tea slots for free, No Deposit Bonus Codes Us free download casino games for mac
club player no deposit bonus codes! Free.games.slot.machine instant no deposit casino codes
brand new casinos online? Virtual Games Online For Free free hour play for usa members
casinos online with no deposits; Casino Coupon Code $10 dollar minimum deposit online casino
free slotmachines Coolcat Casino No Deposit Bonus Codes free online cherry slot games
freecasinoslots No Deposit Usa Casinos slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Slots Games Download free casino cash
free chips no deposit no down load Slotsonline Monopoly casino download free play casinos 599.
google freeslots New Casinos For Us Players freevideocasinogames!
play free online games Wheel Of Fortune Free Online Slots us no deposite casinos;
free texas tea slot machine 1 Hour Free Play cleopatra online slot?
casino slots free play, Slot Nut Casino $10 minimum deposit casino
“little green men slot machine” Cleopatra Game Free free casino
virtual casinobonus codes Cleopatra Slot Games For Free Online “virtualcasino”
best usa online casino coupons All Usa Free Money Casinos “free slots no registration”
casino free chip codes Play Cherry Master Online newest online casinos;
real vegas casinio coupon codes Online No Deposit Accepting Usa Casinos no deposit bonus for us players
free play casino games; Us Online Casinos Free Money cool cat deposit bonus
free printable las vegas casino coupons Free Poker Games To Download canadian on line casinos
free igt slots Gamble Online Free Money play free igt slots
online casinos no deposit codes Real Vegas Casino No Deposit Codes free slots casino downloads
slot games No Deposit Bonus Codes For Coolcat Casino Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Online Arcades free bonus codes online casino
casino slots free play, Free Casino Cash no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Usa Casino Free Play Codes 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money 10 Dollar Minimum Deposit Online Casino free no download roulette games
usa friendly casinos online with no deposit bonus, Free Video Bonus Slot Machines Flash free spins no deposit casino forums
newest no deposit slot bonuses Freeslots Nodownload cirrus casino no deposit bonus codes
no deposit required casino lists Free Us No Deposit Casinos Free Chips slots of fun
sportsbook no deposit bonus Newest No Deposit Usa Casinos new no deposit casino bonus codes,
no deposit casino usa Tree No Download Slots new no deposit rtg casino codes
texas tea slots for free, Practice Play Casino free download casino games for mac
club player no deposit bonus codes! Us Internet Casinos instant no deposit casino codes
brand new casinos online? Free Money To Play Online Casino free hour play for usa members
casinos online with no deposits; Golden Casino Free Slots $10 dollar minimum deposit online casino
free slotmachines Free Chips No Deposit Casinos With Coupon Codes free online cherry slot games
freecasinoslots Usa Friendly Casinos slot of vegas no deposit codes
search one hour free play casinos with no deposites, Casinogratis free casino cash
free chips no deposit no down load Freetournaments Slot Monopoly casino download free play casinos 599.
google freeslots Prince Casino freevideocasinogames!
play free online games Free Wheel Of Fortune Slots us no deposite casinos;
free texas tea slot machine Casinos Bonus Codes Online cleopatra online slot?
casino slots free play, New No Deposit Casino Codes $10 minimum deposit casino
“little green men slot machine” New No Deposit Casino Bonus free casino
virtual casinobonus codes Online Gambling No Deposit “virtualcasino”
best usa online casino coupons Free Bonus Casinos “free slots no registration”
casino free chip codes Free Casinos Coupon Codes newest online casinos;
real vegas casinio coupon codes Cirrus No Deposit Codes no deposit bonus for us players
free play casino games; Cazino cool cat deposit bonus
free printable las vegas casino coupons No Deposit Redeem Codes canadian on line casinos
free igt slots Free Play Casinos play free igt slots
online casinos no deposit codes Play Free Casino Slot Machines Games free slots casino downloads
slot games Casinos Online With No Deposits Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Online Casinos No Deposit Codes free bonus codes online casino
casino slots free play, Freechip Casino no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Online Slot Machines For The United States 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Wild Vegas No Deposite Bonus Code free no download roulette games
usa friendly casinos online with no deposit bonus, Casino Bonuses Blogs free spins no deposit casino forums
newest no deposit slot bonuses No Deposit Usa Online Casino For Real Money cirrus casino no deposit bonus codes
no deposit required casino lists Cirrus Casino No Deposit Code slots of fun
sportsbook no deposit bonus Casino To Play Free Money new no deposit casino bonus codes,
no deposit casino usa Slotmashine new no deposit rtg casino codes
texas tea slots for free, No Deposit Bonus Usa Casinos free download casino games for mac
club player no deposit bonus codes! Rtg Codes For Virtual Casino instant no deposit casino codes
brand new casinos online? Wild Vegas No Deposit Codes free hour play for usa members
casinos online with no deposits; No Deposit Free Money Casino Codes $10 dollar minimum deposit online casino
free slotmachines Free Online Slots Play Now No Downloading No Credit Card free online cherry slot games
freecasinoslots Free Money For Slots slot of vegas no deposit codes
search one hour free play casinos with no deposites, Free Slots For Mac free casino cash
free chips no deposit no down load Fun Free Online Slots No Downloads Monopoly casino download free play casinos 599.

Posted in Interesting External Papers | 2 Comments »

November 19, 2009

Thursday, November 19th, 2009

James Mackintosh of the Financial Times was kind enough to link to a PrefBlog post in his discussion of Contingent Capital, CoCo farming shows the true value of government guarantees. He suggests that just about all of a banks capital market financing be contingent capital – which is, after all, what happens in bankruptcy:

Banks should be forced to turn a big chunk of existing bank debt into CoCos, with a conversion trigger based on a minimum level of capital – the worst case scenario – *or* on the bank failing. In effect, this would be a bank resolution regime which automatically converts debt to equity, avoiding the need for government rescues. Debt would cost a lot more, but bondholders would also have a far bigger incentive to keep an eye on bank management. Perhaps only 50 per cent of debt, or some other very large amount, rather than 100 per cent, would need to be convertible – but it would have to be far more than the normal belief of what might be needed in order to deal with the “black swan” events which lead to the need for government intervention.

Increased bank regulation and pay-approvals is leading to a talent drain to hedge funds:

Meredith Whitney, the analyst who cut her rating on Goldman Sachs Group Inc. last month, said the bank has lost some of its top-performing employees as executives left to start their own investment companies.

“Goldman’s lost a tremendous amount of talent going to set up their own hedge funds,” Whitney, founder of Meredith Whitney Advisory Group, said today in an interview on Bloomberg Radio. “It became a scary prospect of having the government determine what you make,” said Whitney, who also said today that bank stocks are “grossly overvalued.”

The stock plunge today was pretty tame, as plunges go, but Bloomberg says they plunged … with something even more interesting going on:

U.S. stocks extended a global drop as concern grew that the rally has outpaced the prospects for economic growth. The yen and the dollar strengthened, oil tumbled and yields on Treasury three-month bills turned negative for the first time since financial markets froze last year.

They now quote 3-month US Bills at 1bp – count ’em, one.

The preferred share market continued its recent run, with PerpetualDiscounts gaining 14bp on the day, while FixedResets were down a negligible amount. The big news was that volume fell.

PerpetualDiscounts now yield 5.92%, equivalent to 8.30% interest at the standard equivalency factor of 1.4x. Long Corporates are about 5.9%, so the pre-tax interest-equivalent spread (also called the Seniority Spread) is about 240bp. This is a shade wider than the 235bp reported on November 11, but the market seems to have found a new level … at least, until it doesn’t.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.7414 % 1,502.1
FixedFloater 5.96 % 4.08 % 43,496 18.70 1 0.2747 % 2,614.6
Floater 2.60 % 3.03 % 97,223 19.62 3 -0.7414 % 1,876.6
OpRet 4.81 % -4.85 % 121,164 0.09 14 -0.0818 % 2,305.9
SplitShare 6.36 % -7.34 % 336,155 0.08 2 -0.1096 % 2,111.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0818 % 2,108.5
Perpetual-Premium 5.90 % 5.53 % 124,939 2.41 4 0.1592 % 1,863.7
Perpetual-Discount 5.85 % 5.92 % 186,338 14.00 70 0.1380 % 1,772.2
FixedReset 5.47 % 3.97 % 392,496 3.94 41 -0.0045 % 2,135.2
Performance Highlights
Issue Index Change Notes
RY.PR.W Perpetual-Discount -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 21.99
Evaluated at bid price : 22.12
Bid-YTW : 5.56 %
BAM.PR.B Floater -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 13.12
Evaluated at bid price : 13.12
Bid-YTW : 3.03 %
MFC.PR.E FixedReset -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-10-19
Maturity Price : 25.00
Evaluated at bid price : 26.55
Bid-YTW : 4.13 %
BAM.PR.K Floater -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 3.05 %
SLF.PR.E Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 5.96 %
SLF.PR.A Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 5.93 %
SLF.PR.B Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 5.96 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.A Perpetual-Discount 73,589 RBC crossed 19,400 at 19.70, then 20,000 at 19.80.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 5.64 %
BNS.PR.O Perpetual-Discount 62,200 RBC crossed three blocks of 20,000 shares each at 24.87.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 24.53
Evaluated at bid price : 24.75
Bid-YTW : 5.71 %
CM.PR.D Perpetual-Discount 42,350 RBC crossed 38,200 at 24.30.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 23.95
Evaluated at bid price : 24.28
Bid-YTW : 5.97 %
GWO.PR.L Perpetual-Discount 40,200 RBC crossed 34,300 at 23.75.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 23.51
Evaluated at bid price : 23.67
Bid-YTW : 6.06 %
TRP.PR.A FixedReset 37,125 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2015-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.28 %
RY.PR.B Perpetual-Discount 35,135 RBC crossed 25,000 at 20.83.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2039-11-19
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.69 %
There were 26 other index-included issues trading in excess of 10,000 shares.

google freeslots Absolutely No Deposit Bonus Codes freevideocasinogames!
play free online games No Deposit Online Casinos us no deposite casinos;
free texas tea slot machine No Deposit Usa Games cleopatra online slot?
casino slots free play, New No Deposit Casinos $10 minimum deposit casino
“little green men slot machine” Free 1 Hour Slot Play free casino
virtual casinobonus codes No Deposit Bonuses Required Casinos “virtualcasino”
best usa online casino coupons Online Flash Casinos “free slots no registration”
casino free chip codes Slot Machine Free newest online casinos;
real vegas casinio coupon codes Free Online Slot Without Downloads no deposit bonus for us players
free play casino games; No Deposit Casino Canada cool cat deposit bonus
free printable las vegas casino coupons Free Cherry Master Download canadian on line casinos
free igt slots Slots For Fun play free igt slots
online casinos no deposit codes Freecashcasinos free slots casino downloads
slot games Free Download Slot Machines Games To Play Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Harrahs Free Online Casino Games free bonus codes online casino
casino slots free play, Black Jack Online Free no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. New No Deposit Free Money Casino Codes 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Play Free Slots free no download roulette games
usa friendly casinos online with no deposit bonus, Newest Free Casino Bonus free spins no deposit casino forums
newest no deposit slot bonuses Free Slot Machine Play No Download cirrus casino no deposit bonus codes
no deposit required casino lists Casino Slot Free slots of fun
sportsbook no deposit bonus Best Play For Fun Casinos new no deposit casino bonus codes,
no deposit casino usa Partycitycasino new no deposit rtg casino codes
texas tea slots for free, Freeslotsonline free download casino games for mac
club player no deposit bonus codes! No Deposit Sign Up Bonus Casino instant no deposit casino codes
brand new casinos online? Welcme Bonus Without Deposit free hour play for usa members
casinos online with no deposits; Freecasinoslotgames $10 dollar minimum deposit online casino
free slotmachines Hoyle Casino Slots Online Free Play free online cherry slot games
freecasinoslots No Deposit Code For Online Vegas Casino slot of vegas no deposit codes
search one hour free play casinos with no deposites, Slot Machines For Fun free casino cash
free chips no deposit no down load Free Casino Chips Monopoly casino download free play casinos 599.
google freeslots Casino Cleopatra freevideocasinogames!
play free online games Nodepositcasinobonus us no deposite casinos;
free texas tea slot machine 1 Hour Free Play Casino cleopatra online slot?
casino slots free play, Play Texas Tea Free Online $10 minimum deposit casino
“little green men slot machine” No Deposit Casino Codes Us free casino
virtual casinobonus codes Free Free Spins Slot Machine Games “virtualcasino”
best usa online casino coupons Rtg Casino Codes “free slots no registration”
casino free chip codes Free Online Casino No Download newest online casinos;
real vegas casinio coupon codes Minimum Deposit Slot no deposit bonus for us players
free play casino games; No Depost Casino Code cool cat deposit bonus
free printable las vegas casino coupons Casino No Deposit Bonus canadian on line casinos
free igt slots Wild Vegas No Deposit Coupon play free igt slots
online casinos no deposit codes Party City Casino Codes free slots casino downloads
slot games Play Free Casino Slots Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Betroyalcasino free bonus codes online casino
casino slots free play, Usa Online Casino Tournaments no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Us Online Casinos 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Casino Slot free no download roulette games
usa friendly casinos online with no deposit bonus, Free Slot Machine free spins no deposit casino forums
newest no deposit slot bonuses New Codes For No Deposit Casinos cirrus casino no deposit bonus codes
no deposit required casino lists Leopard Spots Online Slots Game slots of fun
sportsbook no deposit bonus Free Slot Fruits new no deposit casino bonus codes,
no deposit casino usa Free Slot Machine To Play Online new no deposit rtg casino codes
texas tea slots for free, Casino With 10 Minimum free download casino games for mac
club player no deposit bonus codes! Usa Free No Deposit Casino Monopoly Money instant no deposit casino codes
brand new casinos online? Usa No Deposit Casinos free hour play for usa members
casinos online with no deposits; Casino 1000 Free $10 dollar minimum deposit online casino
free slotmachines Sign Up Bonus Casino Games free online cherry slot games
freecasinoslots Free Money Casino No Deposit slot of vegas no deposit codes
search one hour free play casinos with no deposites, Games Free To Play Now free casino cash
free chips no deposit no down load No Deposit Bonus Codes Us Players Monopoly casino download free play casinos 599.
google freeslots The Virtual Casino Bonus Codes freevideocasinogames!
play free online games Party City Casino Bonus Codes us no deposite casinos;
free texas tea slot machine Usa Casino cleopatra online slot?
casino slots free play, Minumum Deposit Casino $10 minimum deposit casino
“little green men slot machine” 30 Free Slot Games free casino
virtual casinobonus codes Play Free Casino Games Slots “virtualcasino”
best usa online casino coupons Free Online Games No Download “free slots no registration”
casino free chip codes Free Casino Nd Bonus Codes newest online casinos;
real vegas casinio coupon codes Onstant Free Flash Casinos no deposit bonus for us players
free play casino games; Free Super Slots Casino cool cat deposit bonus
free printable las vegas casino coupons Casinos For Usa Players That Have No Deposit Free Money canadian on line casinos
free igt slots Vegas Strip Casino play free igt slots
online casinos no deposit codes Free Superslots free slots casino downloads
slot games New No Deposit Codes Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. No Deposit Casinos Accepting Us Players free bonus codes online casino
casino slots free play, Virtual Casinobonus Codes no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Googlefreeslots 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Sign Up Bonus Codes free no download roulette games
usa friendly casinos online with no deposit bonus, Free Casino Slots No Downloads free spins no deposit casino forums
newest no deposit slot bonuses Casino Codes Real No Deposit cirrus casino no deposit bonus codes
no deposit required casino lists Usa Casinos No Deposit slots of fun
sportsbook no deposit bonus Monopoly Free Download new no deposit casino bonus codes,
no deposit casino usa Free Pig Slots new no deposit rtg casino codes
texas tea slots for free, Bonus Monster Casino Codes free download casino games for mac
club player no deposit bonus codes! No Deposit Usa Accepted Casinos instant no deposit casino codes
brand new casinos online? Free Slot Play free hour play for usa members
casinos online with no deposits; Latest No Deposit Casino Bonus $10 dollar minimum deposit online casino
free slotmachines Win Money For Free free online cherry slot games
freecasinoslots Monopoly Slot Machines Online slot of vegas no deposit codes
search one hour free play casinos with no deposites, New No Deposit Rtg Casino Codes free casino cash
free chips no deposit no down load Slots Gratis Monopoly casino download free play casinos 599.
google freeslots Free No Deposit Casino Money freevideocasinogames!
play free online games Casino Free Money No Deposit us no deposite casinos;
free texas tea slot machine Free Slots Games cleopatra online slot?
casino slots free play, Us No Deposite Casinos $10 minimum deposit casino
“little green men slot machine” Online Casinos Money To Burn Game free casino
virtual casinobonus codes All Slots Casino “virtualcasino”
best usa online casino coupons Free Slots No Download Required “free slots no registration”
casino free chip codes No Deposit No Download Flash Casinos newest online casinos;
real vegas casinio coupon codes Cherry Master Slot Game Free no deposit bonus for us players
free play casino games; Online Casinos 4 Us Players cool cat deposit bonus
free printable las vegas casino coupons Fun Free Slots No Download canadian on line casinos
free igt slots Free Igt Slots play free igt slots
online casinos no deposit codes Free Slots Casino free slots casino downloads
slot games Texac Tea Free Casino Download Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Leopard Spots Video Game free bonus codes online casino
casino slots free play, Slot Free Or Fun Play No Download No Registration no deposit online casino codes,
Las vegas usa no deposit bonus codes monopoly casino download 264. Real Vegas Coupon Codes Free 1 hour free casinos slot machine free game trial 529.
usa free no deposit casino monopoly money Free Slot Tourments free no download roulette games
usa friendly casinos online with no deposit bonus, Online Casino No Deposit Codes free spins no deposit casino forums
newest no deposit slot bonuses Online Vegas Free Bonus Codes cirrus casino no deposit bonus codes
no deposit required casino lists No Deposit Bonus Code slots of fun
sportsbook no deposit bonus Slots No Deposit Bonus new no deposit casino bonus codes,
no deposit casino usa Free Casinos Codes new no deposit rtg casino codes
texas tea slots for free, Bet Royal Casino free download casino games for mac
club player no deposit bonus codes! Online Slots Usa Welcome instant no deposit casino codes
brand new casinos online? No Deposit Online Casinos Bonus Codes free hour play for usa members
casinos online with no deposits; Party City Casino Coupons $10 dollar minimum deposit online casino
free slotmachines Play Easy Street Slot Machine For Free free online cherry slot games
freecasinoslots Cool Cat Casino Bonus Code slot of vegas no deposit codes
search one hour free play casinos with no deposites, Best Free Slot Tournaments Online free casino cash
free chips no deposit no down load Free Games Online No Download Monopoly casino download free play casinos 599.
google freeslots Newest Online Casino Free Chips freevideocasinogames!
play free online games Bestcasino No Deposit Bonuses us no deposite casinos;
free texas tea slot machine No Downlload Free Bingo cleopatra online slot?
casino slots free play, Usa Online Casino Bonus Code List $10 minimum deposit casino
“little green men slot machine” Vagas Casino Pics free casino
virtual casinobonus codes Free Play For Fun Slots “virtualcasino”
best usa online casino coupons Soaring Eagle Casino “free slots no registration”
casino free chip codes Texas Tea Slots Download newest online casinos;
real vegas casinio coupon codes Free Solts no deposit bonus for us players
free play casino games; No Deposit Code Rtg Casinos cool cat deposit bonus
free printable las vegas casino coupons No Deposit Casino canadian on line casinos
free igt slots Free Us No Deposit Slots play free igt slots
online casinos no deposit codes Freecasinoslots free slots casino downloads
slot games Frog Prince Slot Game Free online slot games with no download free us no deposit slots 125.
Spin casino free no download slot machines 829. Free Cherry Master Games free bonus codes online casino

Posted in Market Action | No Comments »

KSP.UN: DBRS Downgrades to Pfd-4(low), Discontinues Coverage

Thursday, November 19th, 2009

DBRS has announced:

has today downgraded its rating on the LROC Preferred Units (the Units) issued by Kingsway Linked Return of Capital Trust (the Trust) to Pfd-4 (low) from Pfd-4. The Under Review with Negative Implications status, which was assigned to the Units on June 8, 2009, is being maintained.

The LROC Preferred Units are supported by an exposure to a note guaranteed by Kingsway Financial Services Inc. and Kingsway America Inc. (collectively, Kingsway) through a forward purchase agreement. The downgrade of the Units is a result of DBRS downgrading the long-term debt ratings of Kingsway earlier today to B (high) from BB (low).

Also, subsequent to today’s downgrade, DBRS immediately discontinued its ratings coverage of Kingsway. As a result, the rating of the Units has also been discontinued.

KSP.UN was last mentioned on PrefBlog when it was downgraded to Pfd-4 by DBRS. KSP.UN is not tracked by HIMIPref™.

Posted in Issue Comments | 1 Comment »

« Older Entries
Newer Entries »