No commentary today, I’m afraid! Duty called, with a shrill, unpleasant voice!
The post on the travails of XCM.PR.A has been updated.
Not much price movement in the preferred share market today, but volume spike dramatically – portfolio managers placing their bets for the second quarter?
| Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In this version, index values are based at 1,000.0 on 2006-6-30 | |||||||
| Index | Mean Current Yield (at bid) | Mean YTW | Mean Average Trading Value | Mean Mod Dur (YTW) | Issues | Day’s Perf. | Index Value |
| Ratchet | 5.26% | 5.29% | 31,824 | 15.10 | 2 | -0.0203% | 1,089.0 |
| Fixed-Floater | 4.80% | 5.42% | 63,337 | 14.99 | 8 | -0.1149% | 1,038.5 |
| Floater | 4.93% | 4.95% | 75,325 | 15.59 | 2 | -0.6622% | 843.8 |
| Op. Retract | 4.85% | 3.29% | 81,681 | 3.48 | 15 | -0.0933% | 1,046.3 |
| Split-Share | 5.41% | 6.10% | 93,511 | 4.10 | 14 | -0.0786% | 1,022.2 |
| Interest Bearing | 6.19% | 6.13% | 66,539 | 3.92 | 3 | +0.1722% | 1,094.9 |
| Perpetual-Premium | 5.90% | 4.29% | 232,263 | 5.36 | 7 | +0.0227% | 1,017.4 |
| Perpetual-Discount | 5.70% | 5.73% | 278,873 | 14.30 | 62 | +0.0423% | 913.2 |
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| PWF.PR.D | OpRet | -2.0611% | Now with a pre-tax bid-YTW of 4.79% based on a bid of 25.66 and a softMaturity. |
| PIC.PR.A | SplitShare | -1.8679% | Now with a pre-tax bid-YTW of 7.04% based on a bid of 14.71 and a hardMaturity 2010-11-1 at 15.00. |
| BAM.PR.B | Floater | -1.3333% | |
| BAM.PR.G | FixFloat | -1.1905% | |
| RY.PR.B | PerpetualDiscount | -1.1163% | Now with a pre-tax bid-YTW of 5.61% based on a bid of 21.26 and a limitMaturity. |
| IGM.PR.A | OpRet | +1.0128% | Now with a pre-tax bid-YTW of 2.79% based on a bid of 26.93 and a call 2009-7-30 at 26.00. |
| RY.PR.A | PerpetualDiscount | +1.3848% | Now with a pre-tax bid-YTW of 5.50% based on a bid of 20.50 and a limitMaturity. |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| RY.PR.K | OpRet | 708,015 | Now with a pre-tax bid-YTW of 3.59% based on a bid of 25.15 and a call 2008-5-1 at 25.00 |
| BMO.PR.J | PerpetualDiscount | 268,073 | Now with a pre-tax bid-YTW of 5.73% based on a bid of 19.90 and a limitMaturity. |
| CM.PR.D | PerpetualDiscount | 257,950 | Desjardins crossed 240,000 at 24.25, then Nesbitt crossed 14,600 at the same price. Now with a pre-tax bid-YTW of 5.93% based on a bid of 24.25 and a limitMaturity. |
| GWO.PR.I | PerpetualDiscount | 63,313 | Nesbitt crossed 50,000 at 20.15. Now with a pre-tax bid-YTW of 5.63% based on a bid of 20.11 and a limitMaturity. |
| BNS.PR.M | PerpetualDiscount | 51,100 | Desjardins crossed 40,000 at 20.65. Now with a pre-tax bid-YTW of 5.47% based on a bid of 20.62 and a limitMaturity. |
There were thirty-seven other index-included $25-pv-equivalent issues trading over 10,000 shares today.