BAM.PR.M Disappoints on Opening

The Brookfield new issue closed today and dropped to a closing quotation of $24.59-60 on heavy volume of 395,480 shares.

At this price I like it more than BAM.PR.J – but not by enough (quite!) to perform the swap.

The issue has been added to the HIMIPref™ database with the securityCode A41222, as a reorg out of the pre-issue code, P25003.

It has been added to the PerpetualDiscount Index as of 2006-11-20

12 Responses to “BAM.PR.M Disappoints on Opening”

  1. […] An even more recent new issue, closed at 24.53-60 for a pre-tax bid-YTW of 4.86%. Remember that DBRS has this as Pfd-2(low), so it’s not as good quality as the issues listed above! […]

  2. […] Recent new issue, closed at 24.54-60 for a pre-tax bid-YTW of 4.86%. Not much price movement after the first whack! An attractive issue at these levels. […]

  3. […] Recent new issue, closed at $24.58-65 for a pre-tax bid-YTW of 4.85% […]

  4. […] Recent new issue, pre-tax bid-YTW of 4.79% based on a limitMaturity. It pays $1.1875, exactly the same as the ELF.PR.G mentioned above. Same credit rating. I love this market! […]

  5. […] Recent new issue, pre-tax bid-YTW of 4.79% based on a bid of $24.96 and a limitMaturity. […]

  6. […] An error was found in the HIMIPref™ database for the first dividend payable for BAM.PR.M. […]

  7. naheed says:

    what’s gone so wrong with this one? is it perpetual, and is that the problem?

  8. jiHymas says:

    BAM issues in general were discussed when they dominated the August worst performers list.

    Additionally, yes, they have been hurt by being “Perpetual Discounts” (which have performed poorly this year) and, I think, are currently underperforming due to tax loss selling.

  9. […] Recent new issue, now with a pre-tax bid-YTW of 4.78% based on a bid of $25.00 and a limit maturity. […]

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