Scheduling problems related to month-end mean I’m going to have to delay production of the daily Market Action report until tomorrow … sorry!
HIMIPref™ has been updated, but that’s all I’m going to get done tonight. Anecdotal evidence only … but I saw some definite signs of Retail Panic today. Some PWF.PR.I traded at 25.49? Ridiculous.
Update, 2007-5-31:
| 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 | 5.41% | 5.51% | 37,700 | 14.92 | 2 | -2.8671% | 936.2 |
| Fixed-Floater | 5.75% | 5.43% | 153,772 | 15.00 | 6 | -0.5095% | 901.1 |
| Floater | 4.81% | -0.03% | 82,883 | 5.61 | 3 | -0.0400% | 1,046.3 |
| Op. Retract | 4.78% | 3.68% | 85,176 | 2.94 | 17 | -0.1094% | 1,027.0 |
| Split-Share | 5.00% | 4.32% | 216,581 | 3.82 | 13 | -0.0038% | 1,046.1 |
| Interest Bearing | 6.53% | 6.34% | 72,397 | 5.33 | 5 | +0.3799% | 1,046.8 |
| Perpetual-Premium | 5.25% | 4.94% | 193,433 | 8.20 | 48 | -0.3872% | 1,029.8 |
| Perpetual-Discount | 4.89% | 4.92% | 649,289 | 15.65 | 19 | -1.0231% | 998.6 |
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| BCE.PR.S | Ratchet | -5.8952% | |
| GWO.PR.H | PerpetualPremium (for now!) | -3.1621% | |
| IAG.PR.A | PerpetualDiscount | -3.0216% | |
| GWO.PR.I | PerpetualDiscount | -2.5578% | |
| BAM.PR.N | PerpetualDiscount | -2.1684% | |
| CM.PR.J | PerpetualDiscount | -2.0627% | |
| WN.PR.D | PerpetualPremium (for now!) | -2.0276% | |
| GWO.PR.G | PerpetualPremium | -2.0270% | |
| WN.PR.C | PerpetualPremium (for now!) | -1.9496% | |
| RY.PR.F | PerpetualDiscount | -1.8803% | |
| PWF.PR.I | PerpetualPremium | -1.8667% | |
| WN.PR.E | PerpetualDiscount | -1.6667% | |
| CIU.PR.A | PerpetualDiscount | -1.6427% | |
| BAM.PR.M | PerpetualDiscount | -1.4768% | |
| BCE.PR.C | FixFloat | -1.2500% | |
| BCE.PR.A | FixFloat | -1.2148% | |
| MFC.PR.C | PerpetualDiscount | -1.1740% | |
| GWO.PR.E | SplitShare | -1.0062% | |
| BSD.PR.A | Interest | +1.2146% | |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| BBD.PR.D | Scraps (would be FixFloat, but there are credit concerns) | 756,568 | |
| PWF.PR.K | PerpetualPremium (for now!) | 97,100 | |
| BNS.PR.M | PerpetualDiscount | 76,755 | |
| RY.PR.G | PerpetualDiscount | 63,520 | |
| BNS.PR.L | PerpetualDiscount | 60,900 | |
| CM.PR.P | PerpetualPremium | 57,650 | |
There were forty-seven other $25-equivalent index-included issues trading over 10,000 shares today.
Sorry this update was so late! But now I must begin working on May 31!
Yeah, the perpetual discounts seem particularily beaten up. I simply couldn’t pass up adding to a position yesteday to lower my cost base on one of them I already owned – and I felt I had a good price on it already.
Bid was down over 6% on my cost base – ridiculous for sure…..
ltr
I love the smell of retail panic in the morning. It smells like…..victory.