The IMF has published the Dec. 09 issue of Finance and Development.
CIT Group post-bankruptcy common commenced trading on the NYSE yesterday and closed today at $29.64. Consideration for the Maple bonds, 4.72% of 2011-2-10 has been paid; the notice states 125581AU2 2/10/2011 $67.7674921 $101.6512381 $101.6512381 $169.4187301 $237.1862222 5.8332692 of bonds maturing 2013, 2014, 2015, 2016 and 2017 and stock, respectively, which comes to about USD 675 par value in bonds and USD 175 in equity. All the bonds pay 7%. The CDS Settlement price was $68.125
A strong day for preferreds, with PerpetualDiscounts up 29bp and FixedResets up 12bp, taking yields for the latter to yet another all-time low of 3.73%. There were no losers on the performance table and volume was strong.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3407 % | 1,524.5 |
| FixedFloater | 5.88 % | 4.01 % | 38,108 | 18.78 | 1 | 2.0408 % | 2,650.4 |
| Floater | 2.57 % | 2.99 % | 98,049 | 19.77 | 3 | 0.3407 % | 1,904.5 |
| OpRet | 4.87 % | -2.92 % | 148,331 | 0.09 | 15 | 0.2432 % | 2,314.7 |
| SplitShare | 6.40 % | -4.19 % | 255,611 | 0.08 | 2 | -0.1102 % | 2,099.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2432 % | 2,116.6 |
| Perpetual-Premium | 5.89 % | 5.69 % | 75,388 | 2.35 | 7 | -0.1024 % | 1,873.4 |
| Perpetual-Discount | 5.81 % | 5.85 % | 198,377 | 14.03 | 68 | 0.2927 % | 1,791.6 |
| FixedReset | 5.42 % | 3.73 % | 359,501 | 3.89 | 41 | 0.1153 % | 2,158.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IAG.PR.C | FixedReset | 1.04 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-01-30 Maturity Price : 25.00 Evaluated at bid price : 27.10 Bid-YTW : 3.90 % |
| TD.PR.Q | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-03-02 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 5.59 % |
| BAM.PR.K | Floater | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-11 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 3.00 % |
| BAM.PR.I | OpRet | 1.45 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2010-01-10 Maturity Price : 25.75 Evaluated at bid price : 25.85 Bid-YTW : -2.92 % |
| BNS.PR.K | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-11 Maturity Price : 22.11 Evaluated at bid price : 22.25 Bid-YTW : 5.46 % |
| W.PR.J | Perpetual-Discount | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-11 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.92 % |
| CIU.PR.A | Perpetual-Discount | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-11 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.80 % |
| BAM.PR.O | OpRet | 1.75 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2013-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 3.73 % |
| BAM.PR.G | FixedFloater | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-11 Maturity Price : 25.00 Evaluated at bid price : 18.50 Bid-YTW : 4.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PR.M | OpRet | 94,000 | Scotia crossed 93,000 at 26.40. YTW SCENARIO Maturity Type : Call Maturity Date : 2010-01-10 Maturity Price : 26.00 Evaluated at bid price : 26.40 Bid-YTW : -7.78 % |
| TD.PR.E | FixedReset | 74,820 | RBC crossed 20,000 at 27.80; TD crossed two blocks of 25,000, both at 27.77. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 27.75 Bid-YTW : 3.78 % |
| RY.PR.X | FixedReset | 39,680 | RBC crossed 20,000 at 27.90. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-09-23 Maturity Price : 25.00 Evaluated at bid price : 27.86 Bid-YTW : 3.74 % |
| CM.PR.L | FixedReset | 37,713 | RBC bought 17,800 from CIBC at 28.10. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 28.07 Bid-YTW : 3.72 % |
| TD.PR.G | FixedReset | 35,813 | RBC crossed 30,000 at 27.81. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 27.81 Bid-YTW : 3.73 % |
| RY.PR.Y | FixedReset | 34,810 | RBC crossed 30,000 at 27.75. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-12-24 Maturity Price : 25.00 Evaluated at bid price : 27.61 Bid-YTW : 3.91 % |
| There were 43 other index-included issues trading in excess of 10,000 shares. | |||