Not a good day for bonds, but preferreds held up pretty well. The Bank of England raised its rate, while there was some tough talk from Trichet. The Bank of Canada released its Summer Survey – it announces its rate decision (“Up!” – JH & just about everybody else) next week.
Global 45 Fund, GFV.PR.A, announced a normal course issuer bid. This issue is not tracked by HIMIPref™.
| 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% | 5.43% | 27,639 | 14.81 | 2 | -0.9056% | 1,011.9 |
| Fixed-Floater | 5.04% | 5.32% | 141,205 | 15.08 | 8 | +0.6088% | 1,002.4 |
| Floater | 4.65% | -2.07% | 74,585 | 4.69 | 4 | +0.1234% | 1,050.5 |
| Op. Retract | 4.83% | 4.02% | 88,523 | 3.03 | 16 | +0.0139% | 1,020.4 |
| Split-Share | 5.06% | 4.71% | 127,647 | 4.10 | 17 | +0.0592% | 1,043.7 |
| Interest Bearing | 6.21% | 6.35% | 70,390 | 4.46 | 3 | +0.0005% | 1,037.1 |
| Perpetual-Premium | 5.51% | 4.72% | 122,408 | 5.29 | 26 | +0.0016% | 1,023.0 |
| Perpetual-Discount | 5.08% | 5.12% | 14.92 | 38 | +0.0952% | 969.0 | |
| Major Price Changes | |||
| Issue | Index | Change | Notes |
| BCE.PR.H | Ratchet | -1.8672% | |
| PWF.PR.K | PerpetualDiscount | -1.1589% | Now with a pre-tax bid-YTW of 5.27% based on a bid of 23.88 and a limitMaturity. The ex-date is July 6 … know this before bidding! |
| BCE.PR.C | FixFloat | +1.0309% | |
| PWF.PR.D | OpRet | +1.0840% | Now with a pre-tax bid-YTW of 4.48% based on a bid of 26.11 and a softMaturity 2012-10-30 at 25.00. |
| BCE.PR.Z | FixFloat | +1.6949% | |
| CL.PR.B | PerpetualPremium | +1.7041% | Now with a pre-tax bid-YTW of -4.86% based on a bid of 26.26 and a call 2007-8-4 at 26.00. This issue is leading a charmed life. |
| ALB.PR.A | SplitShare | +1.8285% | Now with a pre-tax bid-YTW of 4.31% based on a bid of 25.06 and a hardMaturity 2011-2-28 at 25.00. |
| BCE.PR.A | FixFloat | +2.0313% | |
| Volume Highlights | |||
| Issue | Index | Volume | Notes |
| TD.PR.M | OpRet | 101,830 | Went ex-dividend today for $0.29375 and our good friends at Global crossed 50,400 at 27.28 for cash and 50,400 at 26.98, regular settlement. I wonder if the two transactions were related somehow? Now with a pre-tax bid-YTW of 3.92% based on a bid of 26.03 and a softMaturity 2013-10-30 at 25.00. |
| GWO.PR.H | PerpetualDiscount | 36,150 | Now with a pre-tax bid-YTW of 5.13% based on a bid of 23.75 and a limitMaturity. |
| BNS.PR.M | PerpetualDiscount | 33,502 | Now with a pre-tax bid-YTW of 5.00% based on a bid of 22.50 and a limitMaturity. |
| GWO.PR.G | PerpetualDiscount | 29,540 | Now with a pre-tax bid-YTW of 5.33% based on a bid of 24.50 and a limitMaturity. |
| BCE.PR.G | FixFloat | 28,274 | |
There were seventeen other $25-equivalent index-included issues trading over 10,000 shares today.