Technical difficulties (like mainly the fact that I have no brains at all and wiped out a few records in files that now have to be rebuilt … if this gets any worse I’m going to condemned to analyzing equities) preclude preparation of the Index Reports for the next few days. This post will be updated in due course. Sorry!
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| TOC.PR.B | Floater | -2.1805% | Just like yesterday, except this loss was on volume of 300 shares on two trades, both at $26.60. This volatility has been with us since the ridiculous volatility of January 26, but now that it’s closed at $26.02-60, 5×12, things may be back to normal. The closing quote on January 25 was 25.91-84. |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| GWO.PR.I | PerpetualDiscount | 128,955 | Now with a pre-tax bid-YTW of 4.58% based on a bid of $24.76 and a limitMaturity |
| PWF.PR.J | OpRet | 104,450 | Desjardins crossed 59,000 at 26.90, then another 38,000 at the same price. Now with a rather unattractive pre-tax bid-YTW of 2.35% based on a bid of $26.74 and a call 2008-5-30 at $26.00. I discussed this issue recently … I don’t really understand why anybody would pay such fancy prices in size …. but I suppose the buyer is firmly focussed on the 3.51% pre-tax bid-YTW resulting if the issue survives until its softMaturity 2013-7-30 at $25.00 |
| PWF.PR.K | PerpetualPremium | 102,600 | Scotia crossed two tranches of 50,000 shares, both at $26.05. I like this Power Financial issue much better! Pre-tax bid-YTW of 4.40% based on a bid of $25.95 and a call 2014-11-30 at $25.00. |
| MFC.PR.C | PerpetualPremium | 74,800 | Nesbitt crossed 53,700 at $24.90. Yes, it’s in the PerpetualPremium index now, sure, but it will be in the PerpetualDiscount index after the indices are rebalanced. Now with a pre-tax bid-YTW of 4.56% based on a bid of $24.90 and a limitMaturity. |
| MFC.PR.B | PerpetualPremium | 62,570 | National Bank crossed 10,000 at 25.32, then another 40,000 at the same price. Now with a pre-tax bid-YTW of 4.54% based on a call 2014-4-18 at $25.00 |
There were fourteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.
Update, finally!
| 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 | 4.04% | 4.04% | 29,090 | 17.38 | 1 | 0.00% | 1,037.8 |
| Fixed-Floater | 4.83% | 3.67% | 81,160 | 8.38 | 7 | -0.1845% | 1,038.4 |
| Floater | 4.54% | -22.04% | 64,084 | 4.63 | 4 | -0.6029% | 1,049.1 |
| Op. Retract | 4.70% | 2.23% | 79,245 | 2.18 | 17 | -0.0950% | 1,027.3 |
| Split-Share | 5.06% | -0.08% | 341,679 | 2.81 | 11 | +0.0876% | 1,044.1 |
| Interest Bearing | 6.72% | 6.11% | 71,367 | 4.48 | 6 | -0.1703% | 1,033.1 |
| Perpetual-Premium | 5.02% | 4.02% | 261,859 | 5.75 | 56 | +0.0305% | 1,050.6 |
| Perpetual-Discount | 4.52% | 4.53% | 1,343,838 | 16.30 | 5 | -0.0804% | 1,052.9 |