New Issues

New Issue : Co-operators 5% Perpetual

In order to pay for the redemption of CCS.PR.A, Co-operators General Insurance is issuing a 5% Perp.

They announced via CCN Matthews:

today announced that it has entered into an agreement with Scotia Capital Inc. on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to buy and offer for sale by way of a public offering of $100 million of Non-Cumulative Redeemable Class E Preference Shares, Series C (“Series C Preference Shares”) on a bought deal basis.

Co-operators General will issue 4 million Series C Preference Shares priced at $25.00 per share and holders will be entitled to receive fixed non-cumulative preferential quarterly cash dividends in the amount of $0.3125 per Series C Preference Share, to yield 5.00 per cent per annum. The offering is underwritten by a syndicate of investment dealers led by Scotia Capital Inc. The expected closing date for the offering is June 12, 2007.

The issue is rated P-2(low) by S&P and Pfd-3 by DBRS.

I will provide more information as it becomes available.

Update, 2007-05-29: The Preliminary Short Form Prospectus is now available on SEDAR, dated May 28, 2007. The redemption terms are:

Subject to the prior consent of the Superintendent of Financial Institutions (Canada) (the “Superintendent”) , and subject to the provisions of the Insurance Companies Act (Canada), on and after June 30, 2012, Co-operators General may redeem at any time all or from time to time any part of the outstanding Series C Preference Shares, at Co-operators General’s option, by the payment of an amount in cash (the “Redemption Price”) for each Series C Preference Share of $26.00 if redeemed during the 12 months commencing June 30, 2012, $25.75 if redeemed during the 12 months commencing June 20, 2013, $25.50 if redeemed during the 12 months commencing June 30, 2014, $25.25 if redeemed during the 12 months commencing June 30, 2015, and $25.00 if redeemed on or after June 30, 2016, together in each case with an amount equal to all declared and unpaid preferential dividends up to but excluding the date fixed for redemption. See “Details of the Offering”.

Update, 2007-05-29, #2 : Forgot the dividend information!

The initial dividend, if declared, will be payable on September 30, 2007 and will amount to $0.3767 per Series C Preference Share, based on an anticipated closing date of June 12, 2007. See “Details of the Offering”.

Update, 2007-05-29, #3: Look out below! When priced on the taxable-in-Ontario curve, the curvePrice is $23.86:

Price due to base-rate :  23.52
Price due to short-term :  -0.49
Price due to long-term :   1.80
Price due to Interest Income :   0.00
Price to to Cumulative Dividends :   0.00
Price due to SplitShareCorp :   0.00
Price due to Retractibility :   0.00
Price due to Credit Spread (2) :   0.00
Price due to Liquidity :   0.63
Price due to Floating Rate :   0.00
Price due to Credit Spread (3) :  -1.78
Price due to error :   0.18
Price due to Credit Spread (High) :   0.00
Price due to Credit Spread (Low) :   0.00

Update, 2007-5-31: It’s getting worse! The curve price is now $23.54!

Update, 2007-06-01: Curve Price now $23.45

Update, 2007-06-04: Curve Price now $23.36

Update, 2007-06-05: Curve Price now $23.18

Update, 2007-06-06: Curve Price now $23.11

Update, 2007-06-07: Whoosh! Curve Price now $22.67

Update, 2007-06-08: Will the bleeding never stop? $22.57

Update, 2007-06-11: Scheduled to close tomorrow. $22.47

Issue Comments

CCS.PR.A to be Redeemed

Co-operators General Insurance has announced (via CCN Matthews) that:

it has decided to redeem all of its 4 million Series A Shares on July 2, 2007 (with an effective date of June 30, 2007). The redemption price for each Series A Share will be $25.00 plus declared, but unpaid dividends of $0.34375 per share. The redemption of the Series A Shares is subject to approval of the Superintendent of Financial Institutions.

I’m glad of it! It may be just my bookkeeperish soul interfering with innovative finance, but the terms of this issue (paying “Greater of 90% of index and Flat Rate 5.5%”) were unique and hard to value as part of a homogeneous class. Sometimes, it was difficult even to determine dividend dates!

Update: I now observe that the PrefInfo description of this issue did not account for the once-every-five-years redemption at $25.00 – it only noted the at-all-other-times redemption at $25.50. My apologies – this has been corrected. The prospectus for this issue, dated May 29, 1997, is available through SEDAR.

Update 2007-6-21: Cooperators, with all their usual concern for precision, predictability and the convenience of those who lend them money has decided to change the redemption procedure, under the guise of a confirmation:

Co-operators General Insurance Company (“Co-operators General” or the “Company”) confirmed today the arrangements relating to the payment for the previously announced dividend on the Class E Preference Shares, Series A (the “Series A Series”) (TSX: CCS.PR.A) and the redemption of all of the Series A Shares. Notice of redemption was mailed to registered holders on May 31, 2007.

The dividend in the amount of $0.34375 per Series A Shares for the quarter ending June 30, 2007 was previously declared and will be payable on July 3, 2007 (with an effective date of June 30, 2007) to holders of record on June 1, 2007.

The redemption price of $25.00 per Series A Shares will be payable on July 3, 2007 (with an effective date of June 30, 2007) upon presentation of certificates and required letters of transmittal. The declared dividend of $0.34375 per Class A Share for the quarter ended June 30, 2007 will not be included in the redemption price as such dividend will be paid separately to holders of record on June 1, 2007 immediately prior to payment of the redemption price. The Company does not expect to declare any further dividends on the Series A Shares.

To me, that looks just a tiny little bit different from what was announced before … but you be the judge!

New Issues

New Issue: YPG Holdings 5.00% 10-Year Retractibles

A new issue from this credit following up their 4.25% 5-Year issue from earlier this year.

They are issuing 8-million shares at 25.00, paying 5.00% p.a. quarterly. The first dividend will be for $0.37671, payable Sept. 26, based on an anticipated closing date of June 8.

Another relatively complex redemption table:

YPG Series 2 Redemption Schedule
From To Price
2007-6-30 2008-6-29 $27.25*
2008-6-30 2009-6-29 27.00*
2009-6-30 2010-6-29 26.75*
2010-6-30 2011-6-29 26.50*
2011-6-30 2012-6-29 26.25*
2012-6-30 2013-6-29 26.00
2013-6-30 2014-6-29 25.75
2014-6-30 2015-6-29 25.50
2015-6-30 2016-6-29 25.25
2016-6-30 Infinite Date 25.00
Redemptions for which the price is marked with an asterisk may only be initiated in certain circumstances
All redemptions may be satisfied by exchange of Trust Units at a discount to market price, at the option of the Corporation.

The shares are retractible by the holder on and after June 30, 2017, at $25.00.

This is a “Bought underwritten public issue”, with various escape clauses.

The S&P rating is P-3; DBRS rates it Pfd-3(high).

Update: This issue has been added to the HIMIPref™ database with the preIssue securityCode P78000.

Ah, the joys of being an “Operating Retractible”! The curvePrice on this one is $26.76:

Price due to base-rate :  24.65
Price due to short-term :  -0.80
Price due to long-term :   2.04
Price due to Interest Income :   0.00
Price to to Cumulative Dividends :   0.00
Price due to SplitShareCorp :   0.00
Price due to Retractibility :   1.10
Price due to Credit Spread (2) :   0.00
Price due to Liquidity :   0.55
Price due to Floating Rate :   0.00
Price due to Credit Spread (3) :  -0.86
Price due to error :   0.05
Price due to Credit Spread (High) :   0.02
Price due to Credit Spread (Low) :   0.00

However, before anybody starts mortgaging the farm here, I’d better note that:

  • Pfd-3 issues are very hard to value – they don’t always act as much like fixed income instruments as one might like.
  • Which is one reason why I don’t recommend such issues to be held other than as a small (less than 5% in a single name; less than 10% total) component of a well diversified portfolio.
  • The 5-year is trading about $1 below its curve Price

 

Market Action

May 22, 2007

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 5.07% 5.15% 42,037 15.40 2 +0.0456% 963.2
Fixed-Floater 5.63% 5.11% 140,602 15.47 6 +0.2481% 920.1
Floater 4.80% -2.67% 77,111 11.13 3 +0.3221% 1,046.8
Op. Retract 4.75% 3.42% 84,600 2.32 17 +0.0529% 1,030.9
Split-Share 4.97% 4.17% 227,988 3.97 12 +0.1112% 1,051.5
Interest Bearing 6.53% 6.36% 69,460 3.20 5 -0.2342% 1,044.0
Perpetual-Premium 5.17% 4.67% 175,724 6.63 48 -0.1523% 1,044.2
Perpetual-Discount 4.68% 4.70% 704,485 16.03 19 -0.4296% 1,041.7
Major Price Changes
Issue Index Change Notes
TCA.PR.X PerpetualPremium -1.4240% Dipped as low as 52.30 on (relatively!) heavy volume of 9,468 shares before closing at 52.61-95, 8×7. Now with a pre-tax bid-YTW of 4.75% based on a bid of 52.61 and a call 2013-11-14 at 50.00.
BSD.PR.A Interest -1.1823% Now with a pre-tax bid-YTW of 6.18% (as interest) based on a bid of 10.03 and a hardMaturity 2015-3-31 at 10.00.
BNS.PR.L PerpetualDiscount -1.1290% Now with a pre-tax bid-YTW of 4.62% based on a bid of 24.52 and a limitMaturity.
PWF.PR.K PerpetualPremium -1.0933% Now with a pre-tax bid-YTW of 4.82% based on a bid of 25.33 and a call 2014-11-30 at 25.00
CM.PR.J PerpetualDiscount -1.0267% Now with a pre-tax bid-YTW of 4.70% based on a bid of 24.10 and a limitMaturity.
RY.PR.E PerpetualDiscount -1.0204% Now with a pre-tax bid-YTW of 4.65% based on a bid of 24.25 and a limitMaturity.
PWF.PR.J OpRet -1.0129% Now with a pre-tax bid-YTW of 4.47% based on a bid of 25.41 and a softMaturity 2013-7-30 at 25.00.
BNA.PR.C SplitShare +1.0246% A dead cat bounce after the downgrade. Now with a pre-tax bid-YTW of 4.51% based on a bid of 24.65 and a hardMaturity 2019-1-10 at 25.00
WN.PR.D PerpetualDiscount (for now! Will move to ‘Scraps’ based on credit quality at month-end) +1.0505% Another dead count bounce. Downgraded today by DBRS, May 3 by S&P. Now with a pre-tax bid-YTW of 5.27% based on a bid of 25.01 and a limitMaturity
CM.PR.R OpRet +1.1214% Now with a pre-tax bid-YTW of 3.59% based on a bid of 26.15 and a call 2008-5-30 at 25.75. Somebody’s decided it won’t be called … yield will be 4.25% if it lasts ’till its softMaturity 2013-4-29 at 25.00
BCE.PR.G FixFloat -2.3333% Exchange/Reset Date is 2011-5-1 (Exchanges with BCE.PR.H); until then, pays 4.35% of par. Recovered from yesterday’s immense spread to close at 20.90-44, 1×5. The Hs closed at 23.01-49, 19×19.
Volume Highlights
Issue Index Volume Notes
WN.PR.B OpRet (will be ‘scraps’ after month-end, based on credit quality) 83,502 Desjardins crossed 25,300 at 26.04, then another 49,700 at the same price. Downgraded today by DBRS. Now with a pre-tax bid-YTW of 3.52% based on a bid of 26.01 and a softMaturity 2009-6-30 at 25.00.
TD.PR.O PerpetualPremium 61,257 Scotia crossed 50,000 at 26.00. Now with a pre-tax bid-YTW of 4.36% based on a bid of 25.90 and a call 2014-11-30 at 25.00.
BAM.PR.H OpRet 51,381 Scotia crossed 50,000 at 27.09. Now with a pre-tax bid-YTW of 2.54% based on a bid of 27.06 and a call 2008-10-30 at 25.75. Buyers obviously anticipate a softMaturity 2012-3-30 at 25.00, yielding 4.08%!
CM.PR.I PerpetualPremium 51,380 Now with a pre-tax bid-YTW of 4.73% based on a bid of 25.00 and a limitMaturity.
BMO.PR.J PerpetualDiscount 39,500 Now with a pre-tax bid-YTW of 4.60% based on a bid of 24.52 and a call 2016-3-26 at 24.52.

There were twenty other $25-equivalent index-included issues trading over 10,000 shares today.

Issue Comments

DBRS Downgrades Weston to Pfd-3(high)

Following the S&P downgrade, the DBRS downgrade of Loblaw and the Weston Credit Watch Negative by DBRS, DBRS has announced that it:

today downgraded the long-term ratings of George Weston Limited (Weston or the Company). The Notes and Debentures have been downgraded to BBB (high), the Exchangeable Debentures to BBB and the Preferred Shares to Pfd-3 (high), all with a Stable trend. At the same time, DBRS has confirmed the short-term rating of Weston at R-1 (low), but revised the trend to Negative.

…

Although management of Loblaw and Weston are separate, and there is no cross-default or cross collateralization covenants on the respective debt, Weston’s ratings reflect the investment in Loblaw, as it is a significant portion of the group’s consolidated operations. Weston’s long-term rating has historically been notched lower to reflect Weston’s own financial profile and the implicit structural subordination, given Loblaw’s minority public float.

Weston’s rating also reflects the underlying, albeit lower, credit rating of the bakery business. For the past few years, the bakery operations have stabilized/improved enough to limit further declines in the long-term rating, leading to the Stable trend. As such, any further deterioration in Loblaw’s long-term rating would not necessarily affect the long-term rating of Weston – i.e., ratings could potentially be the same.

Weston has the following preferred issues trading on the TSX: WN.PR.A WN.PR.B WN.PR.C WN.PR.D & WN.PR.E. All except WN.PR.B are fixed-rate perpetual; WN.PR.B is retractible.

Interesting External Papers

External Paper: Chinese Effect on US Interest Rates

I can’t stand it any more! I read something interesting on the Internet and then have trouble finding it later! So from now on, I’m going to keep a list: International Capital Flows and U.S. Interest Rates, Francis E. Warnock, Veronica Cacdac Warnock.

Abstract: Foreign flows have an economically large and statistically significant impact on longterm interest rates. Controlling for various macroeconomic factors we estimate that had there been no foreign flows into U.S. bonds over the past year, the 10-year Treasury yield would currently be 150 basis points higher; even a step-down to average inflows would imply an increase of 105 basis points. The impact of the headline-making foreign official flows—a relatively small subset of total foreign accumulation of U.S. bonds—is also significant but markedly smaller. Our results are robust to a number of alternative specifications.

Issue Comments

Fearless Prediction : Epcor Power Equity 4.85% Issue will Crash!

This issue was announced May 7. It seemed reasonable – if aggressive – at the time … but the credit ratings aren’t all that great AND it’s a perp.

The HIMI PerpetualDiscount index is down 0.66% since the announcement date AND credit spreads have widened.

The curvePrice of this issue, measured against the taxable curve, is now $24.34.

Price due to base-rate :  23.52
Price due to short-term :  -0.50
Price due to long-term :   1.63
Price due to Interest Income :   0.00
Price to to Cumulative Dividends :   0.00
Price due to SplitShareCorp :   0.00
Price due to Retractibility :   0.00
Price due to Credit Spread (2) :   0.00
Price due to Liquidity :   1.21
Price due to Floating Rate :   0.00
Price due to Credit Spread (3) :  -1.69
Price due to error :   0.17
Price due to Credit Spread (High) :   0.00
Price due to Credit Spread (Low) :   0.00

Now, Pfd-3 issues are very hard to analyze … they behave less like fixed-income instruments than higher rated issues. And this issue has a “split rating” – S&P rates them P-2(low), higher than does DBRS (Pfd-3(high)) – which makes things even more difficult.

When the issue was announced, the curve price was $24.66:

Price due to base-rate :  23.43
Price due to short-term :  -0.24
Price due to long-term :   1.42
Price due to Interest Income :   0.00
Price to to Cumulative Dividends :   0.00
Price due to SplitShareCorp :   0.00
Price due to Retractibility :   0.00
Price due to Credit Spread (2) :   0.00
Price due to Liquidity :   1.48
Price due to Floating Rate :   0.00
Price due to Credit Spread (3) :  -1.57
Price due to error :   0.14
Price due to Credit Spread (High) :   0.00
Price due to Credit Spread (Low) :   0.00

I will be glued to my screen on the projected closing date of May 25, eager to see how this one plays out!

Update, 2007-5-22: Curve Price now 24.22.

Update, 2007-5-23: Curve Price now 24.08.

Update, 2007-5-24: Will commence trading tomorrow, with the symbol EPP.PR.A. Curve Price now 23.81. We shall see!

Market Action

May 18, 2007

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 5.04% 5.12% 42,525 15.46 2 -1.2458% 962.8
Fixed-Floater 5.64% 5.10% 138,090 15.52 6 -1.0258% 917.9
Floater 4.82% 0.26% 77,555 11.16 3 -0.2396% 1,043.5
Op. Retract 4.76% 3.45% 84,092 2.72 17 -0.1594% 1,030.3
Split-Share 4.97% 4.16% 230,049 3.97 12 +0.1410% 1,050.3
Interest Bearing 6.51% 6.20% 68,704 3.22 5 -0.1370% 1,046.4
Perpetual-Premium 5.16% 4.52% 174,304 6.07 48 -0.0786% 1,045.8
Perpetual-Discount 4.66% 4.68% 720,566 16.08 19 -0.1246% 1,046.2
Major Price Changes
Issue Index Change Notes
BCE.PR.G FixFloat -2.3333% Exchange/Reset Date is 2011-5-1 (Exchanges with BCE.PR.H); until then, pays 4.35% of par. Closed at 20.51-49, 4×9. Nice spread, eh? The bid is the 52-week low, but it didn’t trade that far down. The Hs closed at 22.90-49, 10×19.
BCE.PR.R FixFloat -2.2022% Exchange/Reset Date is 2010-12-1 (Exchanges with series ‘Q’, not issued); until then, pays 4.54% of par. Closed at 21.76-37, 3×1.
BCE.PR.Z FixFloat -2.087% Exchange/Reset Date is 2007-12-1 (Exchanges with BCE.PR.Y); until then, pays 5.319% of par. Closed at 22.52-00, 5×75. The Ys closed at 22.04-23.68, 2×4, which is a VERY nice spread.
BCE.PR.H Ratchet -1.9272% See BCE.PR.G, above.
PWF.PR.J OpRet -1.0790% Now with a pre-tax bid-YTW of 4.27% based on a bid of 25.67 and a softMaturity 2013-7-30. Unfortunately, the pre-tax ask-YTW is 3.57%, based on the ask price of 26.31 and a call 2008-5-30 at 26.00. Mind you, given that the interest-equivalent in Ontario works out to 5.00%, it still looks worthwhile … a pleasant change from the usual state of affairs
WFS.PR.A SplitShare +1.5311% Hard to work out a rationale for this one! Maybe, since it’s a split-share, rated Pfd-2, paying $0.525 p.a., some people figure it should trade like the other such split shares? The trouble is with the maturity: 2011-6-30, basically three years less than the comparables … which means the capital loss and the end of dividends comes sooner. Now with a pre-tax bid-YTW of 3.84% based on a bid of 10.61 and a hardMaturity 2011-6-30 at 10.00.
Volume Highlights
Issue Index Volume Notes
SLF.PR.A PerpetualPremium 40,050 Now with a pre-tax bid-YTW of 4.58% based on a bid of 25.16 and a call 2014-4-30 at 25.00.
CM.PR.I PerpetualPremium 33,320 Now with a pre-tax bid-YTW of 4.72% based on a bid of 25.05 and a limitMaturity.
SBN.PR.A SplitShare 74,425 Recent new issue. Now with a pre-tax bid-YTW of 4.55% based on a bid of 10.47 and a hardMaturity 2014-12-1 at 10.00.
BNS.PR.M PerpetualDiscount 28,150 Now with a pre-tax bid-YTW of 4.59% based on a bid of 24.75 and a limitMaturity.
CM.PR.H PerpetualPremium 24,786 Now with a pre-tax bid-YTW of 4.57% based on a bid of 25.45 and a call 2014-4-29 at 25.00.

There were twenty-two other $25-equivalent index-included issues trading over 10,000 shares today.

Issue Comments

BMO on Credit Watch Negative: S&P

S&P today:

placed the ratings on Bank of Montreal (BMO) and its related subsidiaries, including the ‘AA-‘ long-term counterparty credit rating on BMO, on CreditWatch with negative implications.

…

The absolute size of the estimated commodity trading losses far exceeds the bank’s average market value exposure to commodities risk, is disproportionate to its total trading revenues, and does not reflect BMO’s stated strategy of being a low-risk bank.

Standard & Poor’s will be conducting a full review of BMO’s trading risk management and trading operations within the next 30 days, with a particular focus on its commodities trading operations, and its back and middle offices.

Following our review, should the bank’s trading risk and enterprise risk management not meet our expectations, both the short- and long-term ratings could be lowered by one notch.

This follows revelations of trading losses of $680-million. The $680-million figure cannot be taken too seriously – three weeks ago it was somewhere between $350-million and $450-million.

BMO has the following preferred share issues outstanding: BMO.PR.G BMO.PR.H BMO.PR.I BMO.PR.J & BMO.PR.V.

The rogue (or simply incompetent) managers at BMO are going to have to have a lot of lunches with each other to fix this one up! Expect to see a few clerks thrown to the wolves.

Market Action

May 17, 2007

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 4.95% 4.98% 42,381 15.59 2 -0.3851% 974.9
Fixed-Floater 5.58% 5.00% 135,867 15.65 6 -0.1057% 927.4
Floater 4.81% -2.06% 76,997 11.14 3 +0.1497% 1,046.0
Op. Retract 4.75% 3.39% 84,051 2.33 17 -0.0795% 1,032.0
Split-Share 4.98% 4.22% 231,241 3.97 12 +0.0367% 1,048.8
Interest Bearing 6.50% 6.11% 68,204 3.22 5 +0.0596% 1,047.9
Perpetual-Premium 5.15% 4.66% 173,916 6.15 48 -0.3263% 1,046.6
Perpetual-Discount 4.64% 4.68% 737,370 16.06 19 -0.1475% 1,047.5
Major Price Changes
Issue Index Change Notes
BCE.PR.I FixFloat -2.5676% Exchange/Reset Date is 2011-8-1 (Exchanges with Series ‘AJ’, not issued); until then, pays 4.65% of par. Closed at 21.25-46, 6×2, touching a 52-week low of 21.00.
ELF.PR.G PerpetualPremium -1.3546% Now with a pre-tax bid-YTW of 4.84%, based on a bid of 24.76 and a limitMaturity.
CM.PR.E PerpetualPremium -1.3158% Now with a pre-tax bid-YTW of 4.66% based on a bid of 26.25 and a call 2012-11-30 at 25.00. That’s a lot of interest rate protection, with a still-attractive yield!
GWO.PR.G PerpetualPremium -1.2246% Now with a pre-tax bid-YTW of 4.78% based on a bid of 25.81 and a call 2014-1-30 at 25.00
BNA.PR.C SplitShare -1.2121% Recently downgraded by DBRS – but still investment grade! Now with a pre-tax bid-YTW of 4.72% based on a bid of 24.45 and a hardMaturity 2019-1-10 at 25.00
RY.PR.B PerpetualPremium (for now!) -1.1581% Now with a pre-tax bid-YTW of 4.76% based on a bid of 24.75 and a limitMaturity.
TCA.PR.X PerpetualPremium -1.0056% Now with a pre-tax bid-YTW of 4.54% based on a bid of 53.16 and a call 2013-11-14 at 50.00
BCE.PR.C FixFloat +1.2631% Exchange/Reset date is 2008-03-01 (Exchanges with series ‘AD’, not issued); until then, pays 5.54% of par. Closed at 23.25-64, 11×8
Volume Highlights
Issue Index Volume Notes
HSB.PR.D PerpetualPremium 256,650 National Bank crossed 250,000 at 26.38. Now with a pre-tax bid-YTW of 4.32% based on a bid of 26.31 and a call 2015-1-30 at 25.00.
SBN.PR.A SplitShare 415,750 New issue settled today. Now with a pre-tax bid-YTW of 4.63% based on a bid of 10.42 and a hardMaturity 2014-12-1 at 10.00.
TD.PR.O PerpetualPremium 94,850 Now with a pre-tax bid-YTW of 4.35% based on a bid of 25.90 and a call 2014-11-30 at 25.00.
RY.PR.C PerpetualDiscount 56,300 Now with a pre-tax bid-YTW of 4.66% based on a bid of 24.71 and a limitMaturity.
BMO.PR.J PerpetualDiscount 53,500 Now with a pre-tax bid-YTW of 4.56% based on a bid of 24.71 and a limitMaturity.

There were sixteen other $25-equivalent index-included issues trading over 10,000 shares today.