This was pretty much a carbon copy of the BMO.PR.J opening last Wednesday. Volume was 313,249 trading in a range of 24.85-95 – which was below the issue price, which is eventually going to annoy the buyers of these new issues!
It closed at 24.90-92, 17×338, and looks reasonably attractive there. When I look at the curvePrice according to the yieldCurve calculated for taxable accounts, I get:
| RY.PR.E Taxable Curve Price | |
| Component | Value |
| Price due to base-rate | 23.30 |
| Price due to short-term | 0.04 |
| Price due to long-term | 0.49 |
| Price due to Liquidity | 1.48 |
| Price due to error | -0.03 |
| Total | 25.28 |
At the closing bid of $24.90, the issue has a pre-tax bid-yieldToWorst of 4.53%, based on a limitMaturity.
The issue has been added to the PerpetualDiscount index.
The securityCode for this issue is A45014 and a reorgDataEntry has been processed to reflect the change from the preIssue code of P87000.
Update (for linking!) 2007-01-27 : This issue was announced on January 10.
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