TD.PF.D is a FixedReset, 3.60%+279, announced February 27. It is NVCC-compliant and will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
The issue traded 1,077,395 shares today in a range of 24.795-96 before closing at 24.95-97. Vital statistics are:
| TD.PF.D |
FixedReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-03-10
Maturity Price : 23.12
Evaluated at bid price : 24.95
Bid-YTW : 3.57 % |
The Implied Volatility calculation has some points of interest:
Click for BigFirstly, the market does not appear to be differentiated between the NVCC compliant and non-compliant issues, as the latter appear to be plotted on a line more or less defined by the former. Additionally, the Implied Volatility is very high – ridiculously high, for NVCC-compliant issues – so I would expect TD.PF.D to outperform the three other compliant issues (TD.PF.A, TD.PF.B and TD.PF.C) as the market comes to realize what the word “perpetual” means.
This entry was posted on Wednesday, March 11th, 2015 at 12:05 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
TD.PF.D Soft On Good Volume
TD.PF.D is a FixedReset, 3.60%+279, announced February 27. It is NVCC-compliant and will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
The issue traded 1,077,395 shares today in a range of 24.795-96 before closing at 24.95-97. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2045-03-10
Maturity Price : 23.12
Evaluated at bid price : 24.95
Bid-YTW : 3.57 %
The Implied Volatility calculation has some points of interest:
Click for Big
Firstly, the market does not appear to be differentiated between the NVCC compliant and non-compliant issues, as the latter appear to be plotted on a line more or less defined by the former. Additionally, the Implied Volatility is very high – ridiculously high, for NVCC-compliant issues – so I would expect TD.PF.D to outperform the three other compliant issues (TD.PF.A, TD.PF.B and TD.PF.C) as the market comes to realize what the word “perpetual” means.
This entry was posted on Wednesday, March 11th, 2015 at 12:05 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.