{"id":1033,"date":"2007-08-01T22:19:17","date_gmt":"2007-08-02T02:19:17","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1033"},"modified":"2007-08-01T22:19:17","modified_gmt":"2007-08-02T02:19:17","slug":"august-1-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1033","title":{"rendered":"August 1, 2007"},"content":{"rendered":"

A wild day for stocks, as American equities gained sharply in the last hour<\/a> to\u00a0record good performance on the day, while Canadian stocks<\/a> … shoulda stood in bed.<\/p>\n

Meanwhile, Treasuries fell sharply<\/a>, which may be due to reallocation to equities,\u00a0reduced hopes for a rate cut<\/a>, or\u00a0simply because they felt like it. Ask a priest. \u00a0Fitch cut ratings on a lot of sub-primes<\/a> (which, I’ll bet, still doesn’t get the ratings in line with the prices) and clarified some of their rating processes. Canada still doesn’t have a dedicated bond blog or even any decent wire services (if I’m wrong, tell me!), so you’ll have to trust me again … Canadas did not have an exciting day. Flat-to-boring about sums it up.<\/p>\n

Yesterday<\/a> I highlighted a Bloomberg story<\/a> claiming that some major brokerage bonds were trading as junk. Tom Graff says that’s a load of hooey<\/a>, and provides some examples of bellwether junk bonds vs. the brokers of interest … broker spreads are wide, he says,\u00a0but not actually junk!<\/p>\n

Back to prefs … CM.PR.C has been redeemed<\/a> and been removed from the “PerpetualPremium” index. To my shame, I confess that the HIMIPref\u2122 Indices have not been rebalanced for July month-end and I will have to catch up at another time – hopefully tomorrow. The market had a good day – as suggested by the “Major Price Changes”, but beyond that, I’m afraid you’ll have to wait.<\/p>\n

\n\n\n\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
BSD.PR.A<\/td>\nInterestBearing<\/td>\n-1.7951%<\/td>\nNow with a pre-tax bid-YTW of 7.40% (as interest) based on a bid of 9.30 and a hardMaturity<\/a> 2015-3-31 at 10.00.<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetualDiscount<\/td>\n+1.1057%<\/td>\nNow with a pre-tax bid-YTW of 4.92% based on a bid of 22.86 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetualDiscount<\/td>\n+1.1236%<\/td>\nNow with a pre-tax bid-YTW of 4.95% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n
CFS.PR.A<\/td>\nSplitShare<\/td>\n+1.2024%<\/td>\nNow with a pre-tax bid-YTW of 4.07% based on a bid of 10.10 and a hardMaturity 2012-1-31 at 10.00<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n+1.2893%<\/td>\nNow with a pre-tax bid-YTW of 4.11% based on a bid of 25.14 and a softMaturity<\/a> 2015-12-18 at 25.00<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetualPremium<\/td>\n+1.5625%<\/td>\nNow with a pre-tax bid-YTW of 5.27% based on a bid of 26.00 and a call 2012-1-30 at 25.00<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetualPremium<\/td>\n+1.7316%<\/td>\nNow with a pre-tax bid-YTW of 4.67% based on a bid of 25.85 and a call 2013-11-28 at 25.00<\/td>\n<\/tr>\n<\/table>\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
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n69,146<\/td>\nNow with a pre-tax bid-YTW of 5.07% based on a bid of 22.16 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n58,150<\/td>\nScotia crossed 50,000 at 22.55. Now with a pre-tax bid-YTW of 4.22% based on a bid of 26.71 and a call 2008-12-31 at 26.00.<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\n40,171<\/td>\nScotia crossed 39,500 at 27.00. Now with a pre-tax bid-YTW of 4.22% based on a bid of 26.71 and a call 2008-12-31 at 26.00<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualDiscount<\/td>\n37,825<\/td>\nTD sold 10,700 to RBC, bought 10,200 from HSBC four minutes later and, after a pause, crossed 11,000; all at 24.10. Now with a pre-tax bid-YTW of 5.00% based on a bid of 24.10 and a limitMaturity.<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n29,450<\/td>\nNow with a pre-tax bid-YTW of 4.95% based on a bid of 22.73 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

Update, 2007-08-02<\/strong><\/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>\n4.85%<\/td>\n4.88%<\/td>\n28,380<\/td>\n15.81<\/td>\n1<\/td>\n+0.0000%<\/td>\n1,039.4<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.98%<\/td>\n5.09%<\/td>\n131,776<\/td>\n15.49<\/td>\n8<\/td>\n-0.0206%<\/td>\n1,021.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.87%<\/td>\n0.15%<\/td>\n76,300<\/td>\n8.22<\/td>\n4<\/td>\n+0.0442%<\/td>\n1,051.1<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.84%<\/td>\n3.79%<\/td>\n85,096<\/td>\n3.08<\/td>\n16<\/td>\n+0.1672%<\/td>\n1,022.0<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.04%<\/td>\n4.49%<\/td>\n111,069<\/td>\n3.93<\/td>\n15<\/td>\n+0.0277%<\/td>\n1,046.8<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.28%<\/td>\n6.76%<\/td>\n62,720<\/td>\n4.63<\/td>\n3<\/td>\n-0.5402%<\/td>\n1,026.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.53%<\/td>\n5.18%<\/td>\n105,751<\/td>\n5.66<\/td>\n24<\/td>\n+0.2230%<\/td>\n1,024.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08%<\/td>\n5.11%<\/td>\n323,671<\/td>\n15.32<\/td>\n39<\/td>\n+0.1887%<\/td>\n975.2<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A wild day for stocks, as American equities gained sharply in the last hour to\u00a0record good performance on the day, while Canadian stocks … shoulda stood in bed. Meanwhile, Treasuries fell sharply, which may be …<\/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-1033","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1033","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=1033"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1033\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}