The BCE issues settled back a little after their enormous gains of yesterday – I suspect that they’ll be volatile for a little while longer, as greed wars with fear. I wrote yet another post on the BCE/Teachers Plan of Arrangement today and estimated that taking out the preferreds is costing the common shareholders $1.50 per share.
Econbrowser publicized a new Internet connectivity toy that I was eager to try – but I can’t say I was too impressed by the results. What this world needs is a plethora of blogs about Canadian shares, then we can get into furious arguments with each other, just like the political guys. The chart for PrefInfo.com looks more as expected, anyway.
| 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 | 5.37% | 5.38% | 28,357 | 14.87 | 2 | -0.5555% | 1,021.2 |
| Fixed-Floater | 5.07% | 5.34% | 139,068 | 15.05 | 8 | -0.8255% | 996.3 |
| Floater | 4.66% | 0.63% | 74,868 | 4.28 | 4 | -0.0299% | 1,049.2 |
| Op. Retract | 4.82% | 3.99% | 87,799 | 3.19 | 16 | -0.0899% | 1,020.3 |
| Split-Share | 5.06% | 4.73% | 129,955 | 4.11 | 17 | -0.0628% | 1,043.0 |
| Interest Bearing | 6.21% | 6.36% | 70,693 | 4.46 | 3 | +0.2732% | 1,037.1 |
| Perpetual-Premium | 5.51% | 5.11% | 122,827 | 5.45 | 26 | +0.0419% | 1,023.0 |
| Perpetual-Discount | 5.09% | 5.12% | 400,019 | 14.91 | 38 | +0.2760% | 968.1 |
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| BCE.PR.A | FixFloat | -2.3554% | |
| BCE.PR.Z | FixFloat | -2.0747% | |
| ALB.PR.A | SplitShare | -1.7173%% | Now with a pre-tax bid-YTW of 4.86% based on a bid of 24.61 and a hardMaturity 2011-2-28 at 25.00. |
| BCE.PR.T | FixFloat | -1.4167% | |
| BCE.PR.I | FixFloat | -1.1979% | |
| BCE.PR.S | Ratchet | -1.0717% | |
| RY.PR.F | PerpetualDiscount | +1.0733% | Now with a pre-tax bid-YTW of 5.04% based on a bid of 22.60 and a limitMaturity. |
| BMO.PR.J | PerpetualDiscount | +1.3901% | Now with a pre-tax bid-YTW of 5.03% based on a bid of 22.61 and a limitMaturity. |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| BMO.PR.G | OpRet | 100,008 | Scotia crossed 96,100 at 25.15. Now with a pre-tax bid-YTW of 4.45% based on a bid of 25.15 and a call 2007-9-24 at 25.00. |
| CM.PR.J | PerpetualDiscount | 69,177 | Now with a pre-tax bid-YTW of 5.10% based on a bid of 22.10 and a limitMaturity. |
| PWF.PR.F | PerpetualPremium | 46,125 | National Bank crossed 30,000 at 25.25. Now with a pre-tax bid-YTW of 5.30% based on a bid of 25.15 and a limitMaturity. |
| BCE.PR.R | FixFloat | 32,550 | |
| BCE.PR.G | FixFloat | 27,420 | |
There were twelve other $25-equivalent index-included issues trading over 10,000 shares today.