{"id":1007,"date":"2007-07-25T21:52:45","date_gmt":"2007-07-26T01:52:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1007"},"modified":"2007-07-25T21:52:45","modified_gmt":"2007-07-26T01:52:45","slug":"july-25-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1007","title":{"rendered":"July 25, 2007"},"content":{"rendered":"

The day ended with not much happening in government markets, either in Canada<\/a> or the US<\/a>. New Zealand tightened to 8.25%<\/a>. Now, there’s<\/em> a central bank that’s drop dead serious about inflation!<\/p>\n

The KKR\/Boots<\/a> and Chrysler<\/a> financings both appear to have failed, which probably has Teachers’ feeling pretty nervous about financing the BCE takeover<\/a>. BCE preferreds seem to be taking all this in stride, however, perhaps due to Desjardins’ calming words<\/a>.<\/p>\n

Of interest today was action with EPP.PR.A<\/a>, which – judging by the TSX – was a fizzle. There was some pretty good volume today anyway, highlighted by Nesbitt and a series of internal crosses of issues from the GWO \/ PWF \/ IGM \/ POW group … is somebody placing a bet on the August 1 quarterly results announcement<\/a>?<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
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<\/strong><\/td>\n<\/tr>\n
Index<\/td>\nMean Current Yield (at bid)<\/td>\nMean YTW<\/td>\nMean Average Trading Value<\/td>\nMean Mod Dur (YTW)<\/td>\nIssues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n5.03%<\/td>\n5.05%<\/td>\n24,925<\/td>\n15.38<\/td>\n2<\/td>\n+0.1665%<\/td>\n1,032.5<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.97%<\/td>\n5.20%<\/td>\n137,796<\/td>\n15.24<\/td>\n8<\/td>\n-0.0191%<\/td>\n1,016.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.86%<\/td>\n2.59%<\/td>\n79,720<\/td>\n11.55<\/td>\n4<\/td>\n+0.0100%<\/td>\n1,048.4<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.84%<\/td>\n3.98%<\/td>\n85,802<\/td>\n3.13<\/td>\n16<\/td>\n-0.0381%<\/td>\n1,020.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.05%<\/td>\n4.52%<\/td>\n108,892<\/td>\n3.89<\/td>\n17<\/td>\n-0.1296%<\/td>\n1,048.1<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.20%<\/td>\n6.48%<\/td>\n65,973<\/td>\n4.41<\/td>\n3<\/td>\n-0.3043%<\/td>\n1,039.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.53%<\/td>\n5.18%<\/td>\n117,387<\/td>\n5.76<\/td>\n26<\/td>\n-0.0856%<\/td>\n1,023.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.09%<\/td>\n5.11%<\/td>\n345,746<\/td>\n15.32<\/td>\n38<\/td>\n+0.0973%<\/td>\n972.9<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualDiscount<\/td>\n-1.3350%<\/td>\nNow with a pre-tax bid-YTW of 5.46% based on a bid of 24.39 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n-1.1329%<\/td>\nNow with a pre-tax bid-YTW of 5.08% based on a bid of 23.21 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n+1.1628%<\/td>\nReversing yesterday’s<\/a> decline. Still no sign of capitulation by the dealers<\/a>, who I suspect still own a lot of this issue … just a continued decline. I suspect that problems with this issue are weighing down the entire BAM complex – which includes BNA.PR.C (splitShare) and BAM.PR.J (Operating Retractible) … but what do I know? These are all starting to look attractive to me. BAM.PR.N now has a pre-tax bid-YTW of 5.52% based on a bid of 21.75 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetualDiscount<\/td>\n+1.4067%<\/td>\nNow with a pre-tax bid-YTW of 5.22% based on a bid of 24.51 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nVolume<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n604,824<\/td>\nNesbitt processed an internal cross<\/a> of 599,999 shares (in two tranches, so the odd lot is not necessarily<\/em> related!) at 22.53. Now with a pre-tax bid-YTW of 5.05% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\n372,965<\/td>\nNesbitt proccessed internal crosses of 369,500 shares at 26.87, and 99 shares at the same price. Now with a pre-tax bid-YTW of 4.08% based on a bid of 26.83 and a call 2009-07-30 at 26.00.<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetualDiscount<\/td>\n225,021<\/td>\nInternal crosses. Nesbitt. 199,900 & 99, $23.77. Now with a pre-tax bid-YTW of 5.21% based on a bid of 23.84 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetualPremium<\/td>\n146,330<\/td>\nDesjardins crossed 25,000 at 26.85, only to be trumped by Nesbitt’s internal cross of 121,000 (no odd lot!) at 26.87. Now with a pre-tax bid-YTW of 3.44% based on a bid of 26.82 and a call 2008-10-30 at 26.00.<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetualPremium<\/td>\n123,219<\/td>\nNesbitt. Internal cross, 116,300 at 25.57. Now with a pre-tax bid-YTW of 4.96% based on a bid of 25.66 and a call 2013-3-2 at 25.00.<\/td>\n<\/tr>\n
NTL.PR.F<\/td>\nScraps (would be ratchet, but there are credit concerns)<\/td>\n106,500<\/td>\nJunk bonds? We don’t need no stinking junk bonds. Scotia crossed 100,000 at 18.00<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetualDiscount<\/td>\n103,264<\/td>\nNesbitt, Internal Crosses, 99,900 & 99, at 23.93. Now with a pre-tax bid-YTW of 5.26% based on a bid of 23.90 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n

There were twenty-three other $25-equivalent index-included issues trading over 10,000 shares today.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The day ended with not much happening in government markets, either in Canada or the US. New Zealand tightened to 8.25%. Now, there’s a central bank that’s drop dead serious about inflation! The KKR\/Boots and …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1007","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1007"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1007\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}